<SEC-DOCUMENT>0001104659-20-070287.txt : 20200605
<SEC-HEADER>0001104659-20-070287.hdr.sgml : 20200605
<ACCEPTANCE-DATETIME>20200605160220
ACCESSION NUMBER:		0001104659-20-070287
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20200331
FILED AS OF DATE:		20200605
DATE AS OF CHANGE:		20200605
EFFECTIVENESS DATE:		20200605

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEKLA LIFE SCIENCES INVESTORS
		CENTRAL INDEX KEY:			0000884121
		IRS NUMBER:				043147016
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06565
		FILM NUMBER:		20946108

	BUSINESS ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		STREET 2:		19TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6177728515

	MAIL ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		STREET 2:		19TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	H&Q LIFE SCIENCES INVESTORS
		DATE OF NAME CHANGE:	19920929
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    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OMB APPROVAL</FONT></TD></TR>
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    <TD STYLE="width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OMB Number:</FONT></TD>
    <TD STYLE="width: 12%; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3235-0570</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expires:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    31, 2022</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated average burden hours per response. . . . . . . . . . . . . . .20.6</FONT></TD></TR>
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    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECURITIES AND EXCHANGE COMMISSION</FONT></TD>
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    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington, D.C. 20549</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;N-CSR</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED<BR>
MANAGEMENT INVESTMENT COMPANIES</B></P>

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    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Company Act file number</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">811-06565</FONT></TD></TR>
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    <TD COLSPAN="10" STYLE="text-align: center">&nbsp;</TD></TR>
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    <TD COLSPAN="10" STYLE="font-size: 14pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">Tekla
    Life Sciences Investors</FONT></TD></TR>
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    <TD COLSPAN="10" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact name of registrant as specified in charter)</FONT></TD></TR>
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    <TD COLSPAN="10" STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="border-bottom: Black 1pt solid; vertical-align: super; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
    Federal Street, 19<SUP>th</SUP>&nbsp;Floor, Boston, MA</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">02110</FONT></TD></TR>
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    <TD COLSPAN="8" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip code)</FONT></TD></TR>
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    <TD COLSPAN="10" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name and address of agent for service)</FONT></TD></TR>
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    <TD COLSPAN="10" STYLE="text-align: center">&nbsp;</TD></TR>
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    <TD COLSPAN="5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&#8217;s telephone number, including area code:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">617-772-8500</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
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    <TD COLSPAN="10">&nbsp;</TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of fiscal year end:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;30</FONT></TD>
    <TD COLSPAN="6">&nbsp;</TD></TR>
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    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of reporting period:</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;1, 2019 to March&nbsp;31, 2020</FONT></TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
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    <TD STYLE="width: 1%">&nbsp;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 1. REPORTS TO STOCKHOLDERS.</B></P>

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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
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<p style="margin:12pt 0pt 12pt 0pt;"><img src="j20179012_aa001.jpg"></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b><i>Semiannual Report</i></b></font></p>
<p style="margin:8pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:13pt;">March 31, 2020</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website, teklacap.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.</font></p>
<p style="margin:2pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call Computershare at 1-800-426-5523 to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Distribution policy:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"> The Fund has implemented a managed distribution policy (the Policy) that provides for quarterly distributions at a rate set by the Board of Trustees. Under the current Policy, the Fund intends to make quarterly distributions at a rate of 2% of the Fund's net assets to shareholders of record. The Policy would result in a return of capital to shareholders, if the amount of the distribution exceeds the Fund's net investment income and realized capital gains. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The amounts and sources of distributions reported in the Fund's notices pursuant to Section 19(a) of the Investment Company Act of 1940 are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that tells you how to report distributions for federal income tax purposes.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">You should not draw any conclusions about the Fund's investment performance from the amount of distributions pursuant to the Policy or from the terms of the Policy. The Policy has been established by the Trustees and may be changed or terminated by them without shareholder approval. The Trustees regularly review the Policy and the frequency and rate of distributions considering the purpose and effect of the Policy, the financial market environment, and the Fund's income, capital gains and capital available to pay distributions. The suspension or termination of the Policy could have the effect of creating a trading discount or widening an existing trading discount. At this time there are no reasonably foreseeable circumstances that might cause the Trustees to terminate the Policy.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Consider these risks before investing:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"> As with any investment company that invests in equity securities, the Fund is subject to market risk&#151;the possibility that the prices of equity securities will decline over short or extended periods of time. As a result, the value of an investment in the Fund's shares will fluctuate with the market generally and market sectors in particular. You could lose money over short or long periods of time. Political and economic news can influence marketwide trends and can cause disruptions in the U.S. or world financial markets. Other factors may be ignored by the market as a whole but may cause movements in the price of one company's stock or the stock of companies in one or more industries. All of these factors may have a greater impact on initial public offerings and emerging company shares. Different types of equity securities tend to shift into and out of favor with investors, depending on market and economic conditions. The performance of funds that invest in equity securities of Healthcare Companies may at times be better or worse than the performance of funds that focus on other types of securities or that have a broader investment style.</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Dear Shareholders,</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">At the moment, the healthcare sector is operating within an extremely complicated and volatile macroenvironment. The coronavirus epidemic came on very quickly and has changed the way that America and the world function. This impact may ultimately reverse but, at best, is here for some time.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">It would have been hard to imagine, just a few weeks ago, that we would be in the clutches of a worldwide pandemic, sheltering in place, headed toward near-record unemployment and almost certainly in a significant recession. The economic and social situations are dire, people are sick and a significant number are dying.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">From a macro perspective, it's true that we have seen and will likely continue to see staggering new jobless claim numbers. We will also almost certainly see an historic swing from robust growth to contraction/recession over just a few weeks' time. That is the bad news. It is surely bad, and I expect it will echo through the U.S. and the world for years to come.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">But there is also some good news, generally and specifically for the healthcare sector. From a macro perspective, this tsunami of bad news has been met with a remarkable response locally by the U.S. government and the private sector, as well as globally by a host of other nations.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In the U.S., the Federal Reserve has provided an enormous, stimulatory response that was both rapid and large. In addition, the U.S. executive and legislative branches of government have been no less remarkable. An enormous $2T bailout package was passed by Congress and signed by the U.S. President in just a couple of weeks, remarkably fast given prior experience. There is little doubt that this rapid reaction was necessary to stabilize the economy as well as the equity and bond markets. And while the process wasn't pretty, and may have downstream consequences, the magnitude and timing of the response was up to the considerable task at hand.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">One could make a similar analysis of the clinical/medical situation associated with the coronavirus epidemic. The first confirmed U.S. COVID-19 case was thought to have occurred in mid January 2020 at a time when the U.S. was embroiled in a remarkably partisan atmosphere surrounding the impeachment/trial of the U.S. President. Views can and certainly do differ, but approximately six to eight weeks later, the </font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">government came together (at least a little bit) and much of the U.S. began sheltering at home. And now, a further six to eight weeks later there is hope that we have or will soon reach peak coronavirus case and death rates and may soon have the worst health crisis in a hundred years in some kind of initial control. If this is true, while we mourn the death of every person we have lost to coronavirus, we may now begin to think about the future in a constructive way.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">So where does the healthcare sector fit into the current coronavirus situation? As has been widely reported, the U.S. stock market and nearly all subsectors including healthcare have been wildly volatile over the last eight to ten weeks. In that time frame the biotechnology sector exhibited a sudden and dramatic 24% drop from its most recent high, only to reverse and recover almost all of the earlier drop. Remarkably, the biotechnology sector was only down 1% year to date as of mid April, 2020. This compares favorably to the broad S&amp;P 500<sup>&reg;</sup> Index* ("SPX") which exhibited a similar path but was down approximately 13% in the same timeframe. There is little doubt that we will have some bad days (and hopefully some good days) ahead, but, given the enormous psychological and physical impact of the coronavirus epidemic, we would not have expected such a limited market drawdown.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We think it is interesting and instructive that healthcare has performed relatively well so far. We think this is due to several factors. It probably helps that the sector has traditionally been thought of as defensive. But more importantly, in a world where commerce has all but shut down, we think that healthcare is positioned to prevail. People will almost certainly continue to take, and pay for, their life saving medicines. Initial observations suggest this is occurring; the economic benefit of this will likely stabilize the healthcare industry in the short-term.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">More importantly, it seems to us that healthcare will be a major part of the solution to the current crisis. Sheltering in place will help to "flatten" the services utilization curve. There are and will be many heroes to thank when this crisis is over. But it is the doctors and nurses and other medical professionals working diligently in the hospitals and other facilities that will directly save lives, often in the face of personal health risk. And while this effort is admirable in its own right, the fact of the matter is that much of the healthcare sector is working full time as many other sectors are waiting for the crisis to pass.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">It is commonly accepted that, in the short-term, "testing" is what will get the economy back on its feet. And of course, it is the diagnostic healthcare companies that will create these tests, while it is other healthcare sector companies that will distribute and administer the tests.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Perhaps most significantly, in the intermediate-term, it is therapeutic medicines created by biotech and pharmaceutical companies that will improve the timing and outcomes for patients diagnosed with COVID-19. And of course, it will be vaccines produced by these same companies that will keep the world well and working long-term. It is amazing to note that upwards of a hundred companies are working to develop therapies or vaccines to address coronavirus just a couple months after the first U.S. case. For example, there is now promising initial data that suggest that Gilead Sciences, Inc.'s drug, remdesivir, may improve outcomes for hospitalized COVID-19 patients.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">No one would ever wish that we had gotten to our current situation, but we really think it is the people and companies in the healthcare sector that, along with many others, will play an important role in solving, or at least reducing, the severity of the crisis in which we find ourselves. From firsthand experience I can tell you that this is fulfilling work for the inventors, scientists, physicians, manufacturing, sales and other individuals who do this work, especially at a time like this. But, somewhat sheepishly (due to the gravity of the current situation), I note that it is also a decent place to invest.</font></p>
<p style="margin:6pt 0pt 1pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Be well,</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Daniel R. Omstead<BR>President and Portfolio Manager</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>3</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>Fund Essentials</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Objective of the Fund</b></font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Fund's investment objective is to seek long-term capital appreciation by investing primarily in securities of Life Sciences companies.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Description of the Fund</b></font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Tekla Life Sciences Investors ("HQL") is a non-diversified closed-end healthcare fund traded on the New York Stock Exchange under the ticker HQL. HQL primarily invests in the life sciences industries and will emphasize the smaller, emerging companies with a maximum of 40% of the Fund's assets in restricted securities of both public and private companies.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Investment Philosophy</b></font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Tekla Capital Management LLC, the Investment Adviser to the Fund, believes that:</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">&bull;&nbsp;&nbsp;Aging demographics and adoption of new medical products and services can provide long-term tailwinds for healthcare companies</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">&bull;&nbsp;&nbsp;Late stage biotechnology product pipeline could lead to significant increases in biotechnology sales</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">&bull;&nbsp;&nbsp;Robust M&amp;A activity in healthcare may create additional investment opportunities</font></p>
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<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Fund Overview and Characteristics </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">as of 3/31/20</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Market Price<sup>1</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>$</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>14.98</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">NAV<sup>2</sup></font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>$</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>17.09</b></font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Premium/(Discount)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>-12.35</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Average 30 Day Volume</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>169,026</b></font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Net Assets</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>$</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>401,492,425</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Ticker</font></p></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>HQL</b></font></p></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">NAV Ticker</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>XHQLX</b></font></p></td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Commencement of<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Operations Date</font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>5/8/92</b></font></p></td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Fiscal Year to Date <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Distributions<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Per Share</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>$</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>0.72</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:6pt;"><i><sup>1</sup></i><i> The closing price at which the Fund's shares were traded on the exchange.</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:6pt;"><i><sup>2</sup></i><i> Per-share dollar value of the Fund, calculated by dividing the total value of all the securities in its portfolio, plus any other assets and less liabilities, by the number of Fund shares outstanding.</i></font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Holdings of the Fund</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(Data is based on net assets)</i></font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Asset Allocation as of 3/31/20</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><img src="j20179012_ba006.jpg">
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Sector Diversification as of 3/31/20</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><i>This data is subject to change on a daily basis.</i></font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>4</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>Largest Holdings by Issuer</b></font></p>
<p style="margin:2pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>(Excludes Short-Term Investments)</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>As of March 31, 2020<BR>(Unaudited)</i></font></p>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Issuer </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>&#150; Sector</i></font></td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>% of Net<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Assets</b></font></td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Gilead Sciences, Inc.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Biotechnology</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">9.7</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Vertex Pharmaceuticals, Inc.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Biotechnology</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">8.0</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Biogen, Inc.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Biotechnology</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">7.7</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Amgen, Inc.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Biotechnology</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">7.6</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
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<tr>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Regeneron Pharmaceuticals, Inc.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Biotechnology</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5.9</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Illumina, Inc.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Life Sciences Tools &amp; Services</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5.4</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="260" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Alexion Pharmaceuticals, Inc.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Biotechnology</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.7</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="260" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Incyte Corp.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Biotechnology</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.4</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="260" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Seattle Genetics, Inc.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Biotechnology</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.1</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="260" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>BioMarin Pharmaceutical, Inc.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Biotechnology</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.0</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="260" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Neurocrine Biosciences, Inc.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Biotechnology</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.5</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="260" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Alnylam Pharmaceuticals, Inc.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Biotechnology</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.4</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="260" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Sarepta Therapeutics, Inc. </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Biotechnology</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.3</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="260" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Horizon Therapeutics plc </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Pharmaceuticals</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.1</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="260" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Mylan N.V. </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Pharmaceuticals</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.1</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="260" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>PRA Health Sciences, Inc. </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Life Sciences Tools &amp; Services</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.9</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="260" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Ionis Pharmaceuticals, Inc.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Biotechnology</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.9</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="260" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Bio-Techne Corp.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Life Sciences Tools &amp; Services</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.9</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="260" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Impact Biomedicines Milestone Interest</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Pharmaceuticals</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.8</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="260" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>BeiGene Ltd.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &#150; </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Biotechnology</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.8</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>Fund Performance</b></font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">HQL is a closed-end fund which invests predominantly in life science companies. Subject to regular consideration, the Trustees of HQL have instituted a policy of making quarterly distributions to shareholders. The Fund seeks to make such distributions in the form of long-term capital gains.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund considers investments in companies of all sizes and in all life science subsectors, including but not limited to, biotechnology, pharmaceuticals, healthcare equipment, healthcare supplies, life science tools and services, healthcare distributors, managed healthcare, healthcare technology, and healthcare facilities. The Fund emphasizes innovation, investing both in public and pre-public venture companies. The Fund considers its venture investments to be a differentiating characteristic. Among the various healthcare subsectors, HQL has considered the </font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>5</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">biotechnology subsector, including both pre-public and public companies, to be a key contributor to the healthcare sector. The Fund holds biotech assets, including both public and pre-public, often representing 65-80% of net assets.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">There is no commonly published index which matches the investment strategy of HQL. The S&amp;P Composite 1500<sup>&reg;</sup> Health Care Index* ("S15HLTH") consists of approximately 170 companies representing most or all of the healthcare subsectors in which HQL typically invests; biotechnology often represents 15-20% of this index. By contrast, the NASDAQ Biotechnology Index<sup>&reg;</sup>* ("NBI"), which contains approximately 210 constituents, is much more narrowly constructed. The vast majority of this index is comprised of biotechnology, pharmaceutical and life science tools companies. In recent years, biotechnology has often represented 72-82% of the NBI. Neither the S15HLTH nor NBI indices contain any material amount of pre-public company assets.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Given the circumstances, we present both NAV and stock returns for the Fund in comparison to several commonly published indices. One index, the SPX, is a commonly considered broad based index; this index is comprised of companies in many areas of the economy, including, but not limited to healthcare. As described above, the NBI is a healthcare index mostly focused in three healthcare sectors with a uniquely high level of biotechnology comparison. The S15HLTH contains a wider representation of healthcare subsectors, but typically contains a much lower biotechnology composition.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">HQL generally invests in a combination of large-cap growth-oriented and earlier stage innovative healthcare companies with a focus on the biotechnology sector. Generally, HQL targets biotechnology exposure below that of the NBI and a higher biotechnology exposure than that of the S15HLTH. We note that in recent periods, biotechnology has been a significant contributor to returns (both positive and negative) associated with those indices. We believe this sector continues to have significant potential for growth in the future.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Fund Performance for the Period Ended March 31, 2020</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="48" align="left" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Period</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>HQL NAV</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>HQL MKT</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="66" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>NBI</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>S15HLTH</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>SPX</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="48" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">6 </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">month</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">8.47</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">4.21</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">8.77</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">-0.53</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">-12.32</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="48" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1 </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.58</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">-3.86</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">-2.84</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">-1.51</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">-6.99</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="48" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5 </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.35</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">-2.53</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">-0.69</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">6.20</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">6.72</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="48" align="left" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">10 </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">12.98</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">13.65</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="36" align="right" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">14.24</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">13.12</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">10.52</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 8pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>6</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:6pt;"><i>All performance over one-year has been annualized.</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:6pt;"><i>Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. The NAV total return takes into account the Fund's total annual expenses and does not reflect transaction charges. If transaction charges were reflected, NAV total return would be reduced. All distributions are assumed to be reinvested either in accordance with the dividend reinvestment plan (DRIP) for market price returns or NAV for NAV returns. Until the DRIP price is available from the Plan Agent, the market price returns reflect the reinvestment at the closing market price on the last business day of the month. Once the DRIP is available around mid-month, the market price returns are updated to reflect reinvestment at the DRIP price.</i></font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>Portfolio Highlights as of March 31, 2020</b></font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Among other investments, Tekla Life Sciences Investors' performance benefitted in the past year by the following:</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Avadel Pharmaceuticals plc (AVDL)</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> is a specialty pharmaceutical company domiciled in Ireland developing FT218, the most clinically advanced once-nightly formulation of the sleep promoting drug, sodium oxybate, for the treatment of excessive daytime sleepiness (EDS) and cataplexy in patients suffering from narcolepsy. The market for EDS and cataplexy is well-developed and currently monopolized by a twice-nightly formulation of sodium oxybate (Xyrem; $1.6B sales in 2019) from Jazz Pharmaceuticals, Inc.. Twice-nightly dosing of Xyrem means patients must interrupt the very sleep they are trying to restore to properly take the sleep drug.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Bristol-Myers Squibb Co. (BMY)</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> is a large-cap pharmaceutical company with key franchises in oncology, cardiovascular disease, and immunology. In November 2019, the company completed its acquisition of Celgene Corp., bringing in several assets in the hematology-oncology space. While the combined company faces patent expiries of several of its key blockbusters over the next decade (e.g., Revlimid, Opdivo, and Eliquis), we believe it has a strong pipeline.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Epizyme, Inc. (EPZM) </i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">is an oncology-focused biotech company with a recent approval for a small indication in sarcomas for their lead drug Tazverik. This approval raised the chance that the drug would be approved for the much larger follicular lymphoma indication later this summer.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>7</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Among other examples, Tekla Life Sciences Investors' performance was negatively impacted by the following investments:</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Forty Seven, Inc. (FTSV)</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> was an immune-oncology company recently acquired by Gilead for $4.9 billion. We had been fans of the story early on based on their lead agent's mechanism of action but had gotten more skeptical on its future in the treatment of solid tumors and chronic stock weakness until they demonstrated stronger than expected data in certain subtypes of leukemias. The Fund was underweight FTSV during this reporting period.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Moderna, Inc. (MRNA) </i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">is a vaccine company based on a new therapeutic modality, messenger RNA. The company has multiple programs in the clinic, most notably a recent vaccine candidate targeting the COVID-19 virus. We have been historically cautious on this name due to valuation and the risk of the platform and consequently missed the recent runup.</font></p>
<p style="margin:9pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Milestone Pharmaceuticals, Inc. (MIST)</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> is a cardiovascular focused biotech company with an inhaled therapy for episodic cardiovascular disorders, in particular PSVT. The stock was weak in the quarter because their lead agent etripamil failed in their pivotal phase III study. We had previously taken advantage of significant pre-study strength to lock in gains on a portion of the Fund's MIST stock.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:6pt;">*The trademarks NASDAQ Biotechnology Index<sup>&reg;</sup>, S&amp;P Composite 1500<sup>&reg;</sup> Health Care Index and S&amp;P 500<sup>&reg;</sup> Index referenced in this report are the property of their respective owners. These trademarks are not owned by or associated with the Fund or its service providers, including Tekla Capital Management LLC.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>8</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>SCHEDULE OF INVESTMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(Unaudited)</i></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="157" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>SHARES</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="235" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>CONVERTIBLE PREFERRED AND WARRANTS<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>(Restricted) </b><b><sup>(a) (b)</sup></b><b> - 3.2% of Net Assets</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b><BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>VALUE</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="338" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Biotechnology - 2.5%</i></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">140,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Amphivena Therapeutics, Inc. Series B, 6.00% </font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,100,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">225,416</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Amphivena Therapeutics, Inc. Series C, 6.00%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">808,848</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">343,919</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Arkuda Therapeutics, Inc. Series A, 6.00%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">818,183</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">398,616</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Decipher Biosciences, Inc. Series II, 8.00%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,000,566</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">396,284</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Decipher Biosciences, Inc. Series III, 8.00%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">994,712</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">117,704</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Oculis SA, Series B2, 6.00% <sup>(c)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,018,185</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,153,847</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Rainier Therapeutics, Inc. Series A, 6.00%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">115</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">668,449</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Rainier Therapeutics, Inc. Series B, 6.00%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">67</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,091,203</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Rallybio Holdings, LLC Series B</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,099,999</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="400" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">9,840,675</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="338" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Health Care Equipment &amp; Supplies </i><i><sup>(d)</sup></i><i> - 0.0%</i></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">951,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Series AA, 8.00%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">95</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">895,848</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Junior Preferred, 8.00%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">90</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">71,324</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">03/31/27, exercise price $1.00)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">59,426</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">09/06/27, exercise price $1.00)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">23,771</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11/20/27, exercise price $1.00)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">47,542</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">01/11/28, exercise price $1.00)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">47,542</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">02/06/28, exercise price $1.00)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">46,462</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">01/29/29, exercise price $1.00)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">12,964</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">04/29/29, exercise price $1.00)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">20,470</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">05/13/29, exercise price $1.00)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">28,301</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">07/02/29, exercise price $1.00)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">9,250</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">08/29/29, exercise price $1.00)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">53,690</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">09/27/29, exercise price $1.00)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30,834</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">01/08/30, exercise price $1.00)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">15,417</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">03/06/30, exercise price $1.00)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="400" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">185</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The accompanying notes are an integral part of these financial statements.<br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='9',FILE='20-17901-2.ca.qxp',USER='Unknown',CD='May 28 12:35 2020' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>SCHEDULE OF INVESTMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(Unaudited, continued)</i></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="157" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>SHARES</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="235" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Pharmaceuticals - 0.7%</i></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>VALUE</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,719,854</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Curasen Therapeutics, Inc. Series A</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,999,999</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>TOTAL CONVERTIBLE PREFERRED AND<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>WARRANTS<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Cost $16,862,115)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">12,840,859</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>PRINCIPAL<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>AMOUNT</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="235" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>CONVERTIBLE NOTES (Restricted) </b><b><sup>(b)</sup></b><b> - 0.2% <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>of Net Assets</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b> <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b> </b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="338" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Biotechnology - 0.0%</i></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">652,728</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Rainier Therapeutics, Inc. Promissory Notes, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">8.00% due 12/31/20</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">194,493</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="338" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Health Care Equipment &amp; Supplies </i><i><sup>(d)</sup></i><i> - 0.2%</i></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,867,973</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IlluminOss Medical, Inc. Promissory Notes, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">8.00% due 12/31/21</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">723,094</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>TOTAL CONVERTIBLE NOTES<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Cost $2,521,488)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">917,587</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>SHARES</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="235" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>COMMON STOCKS AND WARRANTS - 90.6% <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>of Net Assets</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b> <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b> </b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="338" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Biotechnology - 71.4%</i></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">52,739</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">AC Immune SA <sup>(a) (c)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">364,426</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">77,207</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ACADIA Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,261,996</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,425</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Adynxx, Inc.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,599</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">121,312</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Alexion Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">10,892,604</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">60,092</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Alkermes plc <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">866,527</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">22,188</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Allakos, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">987,144</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">84,929</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Allogene Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,651,020</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">51,404</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Alnylam Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,595,325</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">215,156</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Amarin Corp. plc <sup>(a) (c) (e)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">860,624</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">150,081</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Amgen, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30,425,921</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">112,529</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Amicus Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,039,768</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">36,239</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">AnaptysBio, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">512,057</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">59,588</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Apellis Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,596,363</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">36,068</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ARCA biopharma, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">99,548</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">18,027</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ARCA biopharma, Inc. Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">07/23/44, exercise price $1.10) <sup>(a) (b)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">180</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">289,336</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ardelyx, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,644,875</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">13,696</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Arena Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">575,232</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">15,551</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Argenx SE <sup>(a) (c) (e)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,048,533</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">33,666</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Arrowhead Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">968,571</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">26,178</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ascendis Pharma A/S <sup>(a) (e)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,947,905</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">48,919</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Atreca, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">809,609</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The accompanying notes are an integral part of these financial statements.<br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>SCHEDULE OF INVESTMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(Unaudited, continued)</i></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="157" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>SHARES</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="235" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Biotechnology - continued</i></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>VALUE</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">37,142</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Avrobio, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">577,930</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">26,592</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">BeiGene Ltd. <sup>(a) (c) (e)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,273,741</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Bellicum Pharmaceuticals, Inc <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">27,840</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">97,312</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Biogen, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30,787,571</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">13,910</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Biohaven Pharmaceutical Holding Co., Ltd. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">473,357</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">97,312</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">BioMarin Pharmaceutical, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">8,222,864</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">33,924</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">bluebird bio, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,559,147</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">47,578</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Blueprint Medicines Corp. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,782,361</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">12,201</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Bridgebio Pharma, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">353,829</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">47,437</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Cellectis S.A. <sup>(a) (c) (e)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">436,420</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">195,256</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Cidara Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">484,235</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">48,003</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Coherus BioSciences, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">778,609</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">23,648</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">CRISPR Therapeutics AG <sup>(a) (c)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,002,912</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">32,636</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">CymaBay Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">48,301</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">19,036</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Deciphera Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">783,712</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">49,733</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Editas Medicine, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">986,205</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,118</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Eidos Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">299,721</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">71,778</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Epizyme, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,113,277</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">14,732</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Esperion Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">464,500</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,189</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Exact Sciences Corp. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">416,962</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">146,366</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Exelixis, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,520,423</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">59,161</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Fate Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,313,966</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">67,921</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">FibroGen, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,360,255</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">58,333</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Galera Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">554,163</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">87,525</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Galera Therapeutics, Inc. (Restricted) <sup>(a) (b)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">748,341</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,138</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Genmab A/S <sup>(a) (c) (e)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">108,874</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">519,586</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Gilead Sciences, Inc.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">38,844,249</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">40,093</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Global Blood Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,048,351</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">21,774</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Halozyme Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">391,714</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">132,837</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Incyte Corp. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">9,727,654</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">37,238</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Insmed, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">596,925</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">14,034</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Intellia Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">171,636</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">13,082</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Intercept Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">823,643</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">75,143</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ionis Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,552,761</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">85,305</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Iovance Biotherapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,553,605</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,225</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ligand Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">816,282</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">16,757</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Magenta Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">105,234</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,276</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Merus N.V. <sup>(a) (c)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">75,940</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">79,103</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Moderna, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,369,135</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">18,261</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Molecular Templates, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">242,689</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,741</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Momenta Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">210,555</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">80,164</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Nektar Therapeutics <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,430,927</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">70,393</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Neurocrine Biosciences, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,092,514</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The accompanying notes are an integral part of these financial statements.<br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=13,FOLIO='11',FILE='20-17901-2.ca.qxp',USER='Unknown',CD='May 28 12:35 2020' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>SCHEDULE OF INVESTMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(Unaudited, continued)</i></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="157" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>SHARES</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="235" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Biotechnology - continued</i></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>VALUE</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">44,550</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">NexGel, Inc. <sup>(a) (b)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,383</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">17,900</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Novavax, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">243,082</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">111,820</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ovid Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">333,224</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">374,819</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Pieris Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">854,587</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">23,821</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Pieris Pharmaceuticals, Inc., Series A Warrants <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(expiration 06/08/21, exercise price $3.00) <sup>(a) (b)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">13,578</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,911</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Pieris Pharmaceuticals, Inc., Series B Warrants <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(expiration 06/08/21, exercise price $2.00) <sup>(a) (b)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">9,410</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">42,810</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Portola Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">305,235</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">42,892</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">PTC Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,913,412</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">23,629</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Puma Biotechnology, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">199,429</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">20,087</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ra Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">964,377</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">48,861</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Regeneron Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">23,858,338</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">63,455</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Rocket Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">885,197</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">59,709</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Rubius Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">265,705</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">33,741</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Sage Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">969,042</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">45,979</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Sangamo Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">292,886</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">51,660</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Sarepta Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,053,381</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">74,285</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Seattle Genetics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">8,571,003</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">193,471</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Sutro Biopharma, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,973,404</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">131,785</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Trillium Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">532,411</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">29,770</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ultragenyx Pharmaceutical, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,322,681</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">19,751</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">uniQure N.V. <sup>(a) (c)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">937,185</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">20,511</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">United Therapeutics Corp. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,944,956</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">375,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Vectivbio Holding AG (Restricted) <sup>(a) (b)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">296,250</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">135,144</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Vertex Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">32,157,515</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">500</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Viela Bio, Inc <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">19,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">46,595</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Xencor, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,392,259</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">23,842</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Y-mAbs Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">622,276</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,502</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Zai Lab Ltd. <sup>(a) (c) (e)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">592,123</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">15,192</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Zymeworks, Inc. <sup>(a) (e)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">538,860</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="400" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">286,747,346</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="338" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Drug Discovery Technologies</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> <sup>(a)</sup></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i> - 0.0%</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">51,160</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ImmunoGen, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">174,456</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="338" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Health Care Equipment &amp; Supplies - 1.8%</i></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">8,700</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Axonics Modulation Technologies, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">221,067</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">130,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Cercacor Laboratories, Inc. (Restricted) <sup>(a) (b)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">856,108</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,366</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Guardant Health, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">512,674</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">8,329</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IDEXX Laboratories, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,017,617</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,042</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Inogen, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">260,470</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">39,858</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">NovoCure Ltd. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,684,038</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">121,721</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Quotient Ltd. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">480,798</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="400" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,032,772</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The accompanying notes are an integral part of these financial statements.<br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=14,FOLIO='12',FILE='20-17901-2.ca.qxp',USER='Unknown',CD='May 28 12:35 2020' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>SCHEDULE OF INVESTMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(Unaudited, continued)</i></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="157" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>SHARES</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="235" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Health Care Providers &amp; Services - 0.1%</i></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>VALUE</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">148,148</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">InnovaCare, Inc. Escrow Shares (Restricted) <sup>(a) (b)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">136,504</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,822</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Medpace Holdings, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">427,218</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="400" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">563,722</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="338" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Healthcare Services - 0.2%</i></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">24,811</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Syneos Health, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">978,050</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="338" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Life Sciences Tools &amp; Services - 7.3%</i></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">18,419</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Bio-Techne Corp.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,492,611</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">79,850</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Illumina, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">21,808,632</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">151,480</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Pacific Biosciences of California, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">463,529</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">45,069</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">PRA Health Sciences, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,742,530</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="400" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">29,507,302</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="338" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Pharmaceuticals - 9.7%</i></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">16,387</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Acceleron Pharma, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,472,700</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">20,403</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Aerie Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">275,440</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">79,542</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Aerpio Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">43,732</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">63,808</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Agios Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,263,908</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30,700</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Aurinia Pharmaceuticals, Inc. <sup>(a) (c)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">445,457</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">236,018</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Avadel Pharmaceuticals plc <sup>(a) (e)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,873,983</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">9,784</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Axsome Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">575,593</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">18,008</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Bristol-Myers Squibb Co.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,003,766</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">399,550</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Bristol-Myers Squibb Co. CVR 03/31/21 <sup>(a) (f)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,518,290</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">165,330</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Clearside Biomedical, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">281,061</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">29,100</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Endo International plc <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">107,670</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">90,238</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Foamix Pharmaceuticals Ltd. <sup>(a) (b) (c) (g)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">54,143</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">17,210</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">GW Pharmaceuticals plc <sup>(a) (c) (e)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,507,080</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">40,585</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Heron Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">476,468</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">150,867</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Horizon Therapeutics plc <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,468,680</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">152,830</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Immunomedics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,060,148</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">34,082</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Intra-Cellular Therapies, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">523,840</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">25,203</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Jazz Pharmaceuticals plc <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,513,747</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,187</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Kodiak Sciences, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">342,820</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,060</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Madrigal Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">271,046</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">53,456</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Menlo Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">143,262</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">63,994</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Milestone Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">117,749</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">27,127</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Mirati Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,085,252</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">294,349</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Mylan N.V. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,388,744</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,870</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">MyoKardia, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">275,186</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,588</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Reata Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,672,612</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">26,600</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Revance Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">393,680</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">58,272</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Sanofi <sup>(c) (e)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,547,652</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">34,880</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Spectrum Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">81,270</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The accompanying notes are an integral part of these financial statements.<br>13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>SCHEDULE OF INVESTMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(Unaudited, continued)</i></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="157" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>SHARES</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="235" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Pharmaceuticals - continued</i></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>VALUE</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">14,218</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Tetraphase Pharmaceuticals, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">18,199</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">73,516</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Theravance Biopharma, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,698,955</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,766</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Turning Point Therapeutics, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">78,870</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">929,053</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Verona Pharma plc <sup>(a) (c)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">605,838</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">106,335</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Verona Pharma plc <sup>(a) (e)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">438,100</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">371,622</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Verona Pharma plc Warrants (expiration <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">04/27/22, exercise price $2.07) <sup>(a) (b) (c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">15,556</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">40,580</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">WaVe Life Sciences Ltd. <sup>(a)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">380,235</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">71,950</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Zogenix, Inc. <sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,779,323</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="400" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">38,800,055</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>TOTAL COMMON STOCKS AND WARRANTS<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Cost $316,462,858)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">363,803,703</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>PRINCIPAL<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>AMOUNT</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="235" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>SHORT-TERM INVESTMENT - 3.1% of Net Assets</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b> <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b> </b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">12,625,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Repurchase Agreement, Fixed Income Clearing <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Corp., repurchase value $12,625,000, 0.00%, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">dated 03/31/20, due 04/01/20 (collateralized<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">by U.S. Treasury Note 1.38%, due 10/15/22, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">market value $12,880,048)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">12,625,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>TOTAL SHORT-TERM INVESTMENT<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Cost $12,625,000)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">12,625,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>TOTAL INVESTMENTS BEFORE MILESTONE <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>INTERESTS - 97.2%<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Cost $348,471,461)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">390,187,149</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>INTERESTS</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="235" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>MILESTONE INTERESTS (Restricted) </b><b><sup>(a) (b)</sup></b><b> - 1.7% <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>of Net Assets</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b> <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b> </b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="338" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Biotechnology - 0.3%</i></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Therachon Milestone Interest</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,445,446</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="338" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Health Care Equipment &amp; Supplies - 0.0%</i></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Therox Milestone Interest</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,604</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="338" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Pharmaceuticals - 1.4%</i></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Afferent Milestone Interest</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">251,261</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ethismos Research Milestone Interest</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Neurovance Milestone Interest</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,932,961</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Impact Biomedicines Milestone Interest</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,301,998</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="400" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,486,220</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 2.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="128" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>TOTAL MILESTONE INTERESTS<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Cost $4,995,390)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,936,270</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The accompanying notes are an integral part of these financial statements.<br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>SCHEDULE OF INVESTMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(Unaudited, continued)</i></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="157" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>AMOUNT ($)</b>&nbsp;</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>NUMBER OF<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>CONTRACTS<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>(100 SHARES<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>EACH)/<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>NOTIONAL </b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="235" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b><BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b><BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b><BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>CALL OPTION CONTRACTS PURCHASED - 0.0%<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>of Net Assets</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b><BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b><BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b><BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b><BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b><BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>VALUE</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">48/1,680,000</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Biogen, Inc. Jun20 350 Call</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">81,600</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>TOTAL CALL OPTION CONTRACTS <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>PURCHASED<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Premiums paid $247,467)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">81,600</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>TOTAL INVESTMENTS - 98.9%<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Cost $353,714,318)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">397,205,019</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="235" align="left" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>OTHER ASSETS IN EXCESS OF <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>LIABILITIES - 1.1%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,287,406</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>NET ASSETS - 100%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">401,492,425</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:12pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(a)&nbsp;&nbsp;Non-income producing security.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(b)&nbsp;&nbsp;Security fair valued using significant unobservable inputs. See Investment Valuation and Fair Value Measurements.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(c)&nbsp;&nbsp;Foreign security.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(d)&nbsp;&nbsp;Affiliated issuers in which the Fund holds 5% or more of the voting securities (total market value of $723,279).</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(e)&nbsp;&nbsp;American Depository Receipt</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(f)&nbsp;&nbsp;Contingent Value Right</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(g)&nbsp;&nbsp;Contingent Stock Right</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The accompanying notes are an integral part of these financial statements.<br>15</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:18pt;"><b> </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>STATEMENT OF ASSETS AND LIABILITIES</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(Unaudited)</i></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="355" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ASSETS:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Investments in unaffiliated issuers, at value <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(cost $344,321,776)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">389,545,470</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Investments in affiliated issuers, at value <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(cost $4,397,152)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">723,279</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Milestone interests, at value (cost $4,995,390)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,936,270</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Total investments</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">397,205,019</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Cash</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">803</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Dividends and interest receivable</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">278,301</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Receivable for investments sold</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,182,344</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Prepaid expenses</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">34,558</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Other assets (see Note 1)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">376,587</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Total assets</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">402,077,612</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="355" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">LIABILITIES:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Accrued advisory fee</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">357,630</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Accrued investor support service fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">18,203</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Accrued shareholder reporting fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">57,244</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Accrued other</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">152,110</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Total liabilities</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">585,187</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Commitments and Contingencies (see Notes 1 and 5)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">NET ASSETS</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">401,492,425</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="355" align="left" valign="bottom" style="padding:8pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">SOURCES OF NET ASSETS:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Shares of beneficial interest, par value $.01 per share, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">unlimited number of shares authorized, amount <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">paid in on 23,494,847 shares issued and outstanding</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">349,632,625</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Total distributable earnings (loss)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">51,859,800</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:9pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Total net assets (equivalent to $17.09 per share <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">based on 23,494,847 shares outstanding)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">401,492,425</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:9pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The accompanying notes are an integral part of these financial statements.<br>16</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:18pt;"><b> </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>STATEMENT OF OPERATIONS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>SIX MONTHS ENDED MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(Unaudited)</i></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="355" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">INVESTMENT INCOME:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Dividend income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,058,098</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Interest and other income from unaffiliated issuers</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">51,387</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Interest income from affiliated issuers</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">70,129</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Total investment income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,179,614</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="355" align="left" valign="bottom" style="padding:8pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">EXPENSES:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Advisory fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,119,052</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Investor support service fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">107,355</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Trustees' fees and expenses</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">62,393</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Custodian fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">59,452</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Shareholder reporting</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">58,018</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Administration fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">51,568</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Auditing fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">54,403</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Legal fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">36,092</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Transfer agent fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">26,871</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Other (see Note 2)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">68,452</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Total expenses</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,643,656</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:10pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Net investment loss</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:10pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:10pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(464,042</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:10pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="355" bgcolor="#cceeff" align="left" valign="bottom" style="padding:8pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">REALIZED AND UNREALIZED GAIN (LOSS):</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="355" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Net realized gain (loss) on:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Investments in unaffiliated issuers</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">20,393,015</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Foreign currency transactions</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,336</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Net realized gain</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">20,394,351</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="355" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Change in unrealized appreciation (depreciation) on:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Investments in unaffiliated issuers</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">12,186,213</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Investments in affiliated issuers</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(1,937,444</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Milestone interests</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(56,182</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Option contracts purchased</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">68,640</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Change in unrealized appreciation (depreciation)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">10,261,227</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Net realized and unrealized gain (loss)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30,655,578</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="249" bgcolor="#cceeff" align="left" valign="bottom" style="padding:8pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Net increase in net assets resulting from <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30,191,536</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The accompanying notes are an integral part of these financial statements.<br>17</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=19,FOLIO='17',FILE='20-17901-2.da.qxp',USER='Unknown',CD='May 28 12:35 2020' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:18pt;"><b> </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>STATEMENTS OF CHANGES IN NET ASSETS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="184" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="136" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Six months ended<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">March 31, 2020 <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Unaudited)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Year ended<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">September 30, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2019</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="450" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">NET INCREASE (DECREASE) IN NET <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ASSETS RESULTING FROM OPERATIONS:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Net investment loss</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">($</font></p></td>
<td colspan="1" width="93" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">464,042</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">($</font></p></td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,879,038</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Net realized gain</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="93" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">20,394,351</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">35,802,005</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Change in net unrealized appreciation <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(depreciation)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="93" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">10,261,227</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(103,401,585</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Net increase (decrease) in net <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">assets resulting from operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="93" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30,191,536</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(70,478,618</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="450" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">DISTRIBUTIONS TO SHAREHOLDERS <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">FROM (See Note 1):</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Distributions</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="93" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(16,689,383</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(33,775,050</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Total distributions</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="93" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(16,689,383</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(33,775,050</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="450" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">CAPITAL SHARE TRANSACTIONS:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Reinvestment of distributions <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(451,637 and 880,878 shares, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">respectively)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="93" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,530,269</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">13,969,734</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Fund shares repurchased <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(136,700 and 107,109 shares, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">respectively) (see Note 1)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="93" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(2,191,363</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(1,556,624</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Total capital share transactions</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="93" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,338,906</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">12,413,110</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Net increase (decrease) in <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">net assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="93" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">17,841,059</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(91,840,558</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="450" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">NET ASSETS:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Beginning of period</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="93" bgcolor="#cceeff" align="right" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">383,651,366</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">475,491,924</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">End of period</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="93" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">401,492,425</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">383,651,366</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
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<div style="margin:8pt 0pt 8pt 0pt;">
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The accompanying notes are an integral part of these financial statements.<br>18</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>FINANCIAL HIGHLIGHTS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="110" valign="bottom" style="padding:0pt .7pt 2.5pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" align="center" valign="bottom" style="padding:0pt .7pt 2.5pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Six months <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">ended <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">March 31, 2020</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="409" align="center" valign="bottom" style="padding:0pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Years ended September 30,</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(Unaudited)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2019</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2018</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2017</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2016</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2015</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="635" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>OPERATING PERFORMANCE FOR A SHARE <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>OUTSTANDING THROUGHOUT EACH PERIOD</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Net asset value per share, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">beginning of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">16.55</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="34" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">21.22</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">21.62</font></p></td>
<td colspan="1" width="26" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">20.00</font></p></td>
<td colspan="1" width="26" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">23.51</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">23.37</font></p></td>
<td colspan="1" width="26" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Net investment loss <sup>(1)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.02</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.13</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.16</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.18</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.19</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.25</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Net realized and unrealized <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1.27</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="34" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(3.06</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1.39</font></p></td>
<td colspan="1" width="26" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">3.39</font></p></td>
<td colspan="1" width="26" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.47</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2.48</font></p></td>
<td colspan="1" width="26" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Total increase (decrease) <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">from investment operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1.25</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(3.19</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1.23</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">3.21</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.66</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2.23</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="635" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Distributions to shareholders from:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Net investment income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.13</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.38</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)<sup>(2)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.05</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)<sup>(2)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(1.12</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)<sup>(2)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Net realized capital gains</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.72</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="34" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(1.36</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(1.25</font></p></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)<sup>(2)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(1.54</font></p></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)<sup>(2)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(2.85</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.97</font></p></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)<sup>(2)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Total distributions</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.72</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(1.49</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(1.63</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(1.59</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(2.85</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(2.09</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Increase resulting from <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">shares repurchased <sup>(1)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.01</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="34" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.01</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="26" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><sup>(3)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="26" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Net asset value per share, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">end of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">17.09</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">16.55</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">21.22</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">21.62</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">20.00</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">23.51</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Per share market value, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">end of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">14.98</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="34" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">15.10</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">20.42</font></p></td>
<td colspan="1" width="26" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">21.48</font></p></td>
<td colspan="1" width="26" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">18.73</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">22.51</font></p></td>
<td colspan="1" width="26" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Total investment return <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">at market value</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">4.21</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%*</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(18.86</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">3.31</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">24.26</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(4.66</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">9.92</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Total investment return <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">at net asset value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">8.47</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%*</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="34" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(14.38</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">6.61</font></p></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">17.12</font></p></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(2.52</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">8.56</font></p></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="635" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>RATIOS</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Expenses to average net assets</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1.24</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%**</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="34" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1.29</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1.25</font></p></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1.32</font></p></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1.27</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1.21</font></p></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Expenses to average net assets <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">with waiver</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1.17</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Net investment loss to average <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">net assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.22</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%)**</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="34" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.70</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.81</font></p></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.92</font></p></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.92</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(0.91</font></p></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="635" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>SUPPLEMENTAL DATA</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Net assets at end of period <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(in millions)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">401</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="34" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">384</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">475</font></p></td>
<td colspan="1" width="26" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">466</font></p></td>
<td colspan="1" width="26" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">415</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="31" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">463</font></p></td>
<td colspan="1" width="26" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Portfolio turnover rate</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">20.55</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%*</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">43.78</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">37.49</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">43.08</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">30.99</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="31" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">45.94</font></p></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:6pt;">*&nbsp;&nbsp;Not annualized.</font></p>
<p style="margin:1.5pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:6pt;">**&nbsp;&nbsp;Annualized.</font></p>
<p style="margin:1.5pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:6pt;">(1)&nbsp;&nbsp;Computed using average shares outstanding.</font></p>
<p style="margin:1.5pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:6pt;">(2)&nbsp;&nbsp;Amount previously presented incorrectly as solely distributions from net realized capital gains has been revised to reflect the proper classification.</font></p>
<p style="margin:1.5pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:6pt;">(3)&nbsp;&nbsp;Amount represents less than $0.005 per share.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The accompanying notes are an integral part of these financial statements.<br>19</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>NOTES TO FINANCIAL STATEMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(Unaudited)</i></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(1)&nbsp;&nbsp;Organization and Significant Accounting Policies</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Tekla Life Sciences Investors (the Fund) is a Massachusetts business trust formed on February 20, 1992, and registered under the Investment Company Act of 1940 as a non-diversified closed-end management investment company. The Fund commenced operations on May 8, 1992. The Fund's investment objective is long-term capital appreciation through investment in U.S. and foreign companies in the life sciences industry (including biotechnology, pharmaceutical, diagnostics, managed healthcare and medical equipment, hospitals, healthcare information technology and services, devices and supplies), agriculture and environmental management. The Fund invests primarily in securities of public and private companies that are believed by the Fund's Investment Adviser, Tekla Capital Management LLC (the Adviser), to have significant potential for above-average growth. The Fund may invest up to 20% of its net assets in securities of foreign issuers, expected to be located primarily in Western Europe, Canada and Japan, and securities of U.S. issuers that are traded primarily in foreign markets.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The preparation of these financial statements requires the use of certain estimates by management in determining the Fund's assets, liabilities, revenues and expenses. Actual results could differ from these estimates and such differences could be material. The following is a summary of significant accounting policies followed by the Fund, which are in conformity with accounting principles generally accepted in the United States of America (GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification 946. Events or transactions occurring after March 31, 2020, through the date that the financial statements were issued, have been evaluated in the preparation of these financial statements.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The impact of COVID-19 outbreak on the financial performance of the Fund's investments will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of COVID-19 on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Fund's future investment results may be materially adversely affected.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>Investment Valuation</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">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 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.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>20</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>NOTES TO FINANCIAL STATEMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(continued)</i></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">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.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">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 these financial statements.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>Milestone Interests</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Fund holds financial instruments which reflect the current value of future milestone payments the Fund may receive as a result of contractual obligations from other parties. The value of such payments are adjusted to reflect the estimated risk based on the relative uncertainty of both the timing and the achievement of individual milestones. A risk to the Fund is that the milestones will not be achieved and no payment will be received by the Fund. The milestone interests were received as part of the proceeds from the sale of six private companies. Any payments received are treated as a reduction of the cost basis of the milestone interest with payments received in excess of the cost basis treated as a realized gain. The contractual obligations with respect to the milestone interest provide for payments at various stages of the development of Afferent, Ethismos Research, Neurovance, Impact Biomedicines, Therachon and Therox's principal product candidate as of the date of the sale.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The following is a summary of the impact of the milestone interests on the financial statements as of and for the six months ended March 31, 2020:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="273" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Statement of Assets and Liabilities, Milestone interests, at value</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">6,936,270</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="273" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Statement of Assets and Liabilities, total distributable earnings</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1,940,880</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="273" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Statement of Operations, Change in unrealized appreciation (depreciation)<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">on Milestone interests</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">($</font></p></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">56,182</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

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<div style="margin:8pt 0pt 8pt 0pt;">
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>21</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>NOTES TO FINANCIAL STATEMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(continued)</i></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>Options on Securities</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">An option contract is a contract in which the writer (seller) of the option grants the buyer of the option, upon payment of a premium, the right to purchase from (call option) or sell to (put option) the writer a designated instrument at a specified price within a specified period of time. Certain options, including options on indices, will require cash settlement by the Fund if the option is exercised. The Fund enters into option contracts in order to hedge against potential adverse price movements in the value of portfolio assets, as a temporary substitute for selling selected investments, to lock in the purchase price of a security or currency which it expects to purchase in the near future, as a temporary substitute for purchasing selected investments, or to enhance potential gain or to gain or hedge exposure to financial market risk.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Fund's obligation under an exchange traded written option or investment in an exchange traded purchased option is valued at the last sale price or in the absence of a sale, the mean between the closing bid and asked prices. Gain or loss is recognized when the option contract expires, is exercised or is closed.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">If the Fund writes a covered call option, the Fund foregoes, in exchange for the premium, the opportunity to profit during the option period from an increase in the market value of the underlying security above the exercise price. If the Fund writes a put option it accepts the risk of a decline in the market value of the underlying security below the exercise price. Over-the-counter options have the risk of the potential inability of counterparties to meet the terms of their contracts. The Fund's maximum exposure to purchased options is limited to the premium initially paid. In addition, certain risks may arise upon entering into option contracts including the risk that an illiquid secondary market will limit the Fund's ability to close out an option contract prior to the expiration date and that a change in the value of the option contract may not correlate exactly with changes in the value of the securities or currencies hedged.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">All options on securities and securities indices written by the Fund are required to be covered. When the Fund writes a call option, this means that during the life of the option the Fund may own or have the contractual right to acquire the securities subject to the option or may maintain with the Fund's custodian in a segregated account appropriate liquid securities in an amount at least equal to the market value of the securities underlying the option. When the Fund writes a put option, this means that the Fund will maintain with the Fund's custodian in a segregated account appropriate liquid securities in an amount at least equal to the exercise price of the option.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The average number of outstanding options purchased for the six months ended March 31, 2020 were 48.</font></p>
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<tr>
<td colspan="7" width="111" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Derivatives not accounted <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">for as hedging instruments <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">under ASC 815</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="139" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Statement of Assets and <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Liabilities Location</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="154" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Statement of Operations Location</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="71" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Equity Contracts<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"> &nbsp;<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"> &nbsp;<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"> &nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="14" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="18" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="77" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Assets: Investments, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">at value<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"> <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="35" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">81,600</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="100" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Change in unrealized <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">appreciation (depreciation) <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">on option contracts <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">purchased</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">68,640</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>22</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>NOTES TO FINANCIAL STATEMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(continued)</i></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>Other Assets</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Other assets in the Statement of Assets and Liabilities consists of amounts due to the Fund at various times in the future in connection with the sale of investments in five private companies.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>Investment Transactions and Income</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Investment transactions are recorded on a trade date basis. Gains and losses from sales of investments are recorded using the "identified cost" method. Interest income is recorded on the accrual basis, adjusted for amortization of premiums and accretion of discounts. Dividend income is recorded on the ex-dividend date, less any foreign taxes withheld. Upon notification from issuers, some of the dividend income received may be redesignated as a reduction of cost of the related investment if it represents a return of capital.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The aggregate cost of purchases and proceeds from sales of investment securities (other than short-term investments) for the six months ended March 31, 2020 totaled $88,563,562 and $83,645,105, respectively.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>Repurchase Agreements</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">In managing short-term investments the Fund may from time to time enter into transactions in repurchase agreements. In a repurchase agreement, the Fund's custodian takes possession of the underlying collateral securities from the counterparty, the market value of which is at least equal to the principal, including accrued interest, of the repurchase transaction at all times. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral by the Fund may be delayed. The Fund may enter into repurchase transactions with any broker, dealer, registered clearing agency or bank. Repurchase agreement transactions are not counted for purposes of the limitations imposed on the Fund's investment in debt securities.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>Distribution Policy</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Pursuant to a Securities and Exchange Commission exemptive order, the Fund may make periodic distributions that include capital gains as frequently as 12 times in any one taxable year in respect of its common shares, and the Fund has implemented a managed distribution policy (the Policy) providing for quarterly distributions at a rate set by the Trustees. Under the current Policy, the Fund intends to make quarterly distributions at a rate of 2% of the Fund's net assets to shareholders of record. The Fund intends to use net realized capital gains when making quarterly distributions, if available, but the Policy would result in a return of capital to shareholders if the amount of the distribution exceeds the Fund's net investment income and realized capital gains. If taxable income and net long-term realized gains exceed the amount required to be distributed under the Policy, the Fund will at a minimum make distributions necessary to comply with the requirements of the Internal Revenue Code. The Policy has been established by the Trustees and may be changed by them without shareholder approval. The Trustees regularly review the Policy and the frequency and rate of distribution considering the purpose and effect of the Policy, the financial market environment, and the Fund's income, capital gains and capital available to pay distributions.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Fund's policy is to declare quarterly distributions in stock. The distributions are automatically paid in newly-issued full shares of the Fund unless otherwise instructed by the shareholder. Fractional shares will generally be settled in cash, except for registered shareholders </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>23</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>NOTES TO FINANCIAL STATEMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(continued)</i></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">with book entry accounts of the Fund's transfer agent who will have whole and fractional shares added to their accounts. The Fund's transfer agent delivers an election card and instructions to each registered shareholder in connection with each distribution. The number of shares issued will be determined by dividing the dollar amount of the distribution by the lower of net asset value or market price on the pricing date. If a shareholder elects to receive a distribution in cash, rather than in shares, the shareholder's relative ownership in the Fund will be reduced. The shares reinvested will be valued at the lower of the net asset value or market price on the pricing date. Distributions in stock will not relieve shareholders of any federal, state or local income taxes that may be payable on such distributions. Additional distributions, if any, made to satisfy requirements of the Internal Revenue Code may be paid in stock, as described above, or in cash.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>Share Repurchase Program</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">In March 2020, the Trustees approved the renewal of the repurchase program to allow the Fund to repurchase up to 12% of its outstanding shares in the open market for a one year period ending July 14, 2021. Prior to this renewal, in March 2019, the Trustees approved the renewal of the share repurchase program to allow the Fund to repurchase up to 12% of its outstanding shares for a one year period ending July 14, 2020. The share repurchase program is intended to enhance shareholder value and potentially reduce the discount between the market price of the Fund's shares and the Fund's net asset value.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">During the six months ended March 31, 2020, the Fund repurchased 136,700 shares at a total cost of $2,191,363. The weighted average discount per share between the cost of repurchase and the net asset value applicable to such shares at the date of repurchase was 11.70%.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">During the year ended September 30, 2019, the Fund repurchased 107,109 shares at a total cost of $1,556,624. The weighted average discount per share between the cost of repurchase and the net asset value applicable to such shares at the date of repurchase was 9.94%.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>Federal Taxes</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute to its shareholders substantially all of its taxable income and its net realized capital gains, if any. Therefore, no Federal income or excise tax provision is required.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">As of March 31, 2020, the Fund had no uncertain tax positions that would require financial statement recognition or disclosure. The Fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>Distributions</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Fund records all distributions to shareholders on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from GAAP. These differences include temporary and permanent differences from losses on wash sale transactions, passive foreign investment companies, installment sale adjustments and ordinary loss netting to reduce short term capital gains. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution under income tax regulations.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>24</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>NOTES TO FINANCIAL STATEMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(continued)</i></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>Commitments and Contingencies</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Under the Fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>Investor Support Services</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Fund has retained Destra Capital Advisors LLC (Destra) to provide investor support services in connection with the ongoing operation of the Fund. The Fund pays Destra a fee in an annual amount equal to 0.05% of the average aggregate daily value of the Fund's Managed Assets pursuant to the investor support services agreement.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(2)&nbsp;&nbsp;Investment Advisory and Other Affiliated Fees</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Fund has entered into an Investment Advisory Agreement (the Advisory Agreement) with the Adviser. Pursuant to the terms of the Advisory Agreement, the Fund pays the Adviser a monthly fee at the rate when annualized of (i) 2.50% of the average net assets for the month of its venture capital and other restricted securities up to 25% of net assets and (ii) for all other net assets, 0.98% of the average net assets up to $250 million, 0.88% of the average net assets for the next $250 million, 0.80% of the average net assets for the next $500 million and 0.70% of the average net assets thereafter. The aggregate fee would not exceed a rate when annualized of 1.36%.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Fund has entered into a Services Agreement (the Agreement) with the Adviser. Pursuant to the terms of the Agreement, the Fund reimburses the Adviser for certain services related to a portion of the payment of salary and provision of benefits to the Fund's Chief Compliance Officer. During the six months ended March 31, 2020, these payments amounted to $25,395 and are included in the Other category of expenses in the Statement of Operations, together with insurance and other expenses incurred to unaffiliated entities. Expenses incurred pursuant to the Agreement as well as certain expenses paid for by the Adviser are allocated to the Fund in an equitable fashion as approved by the Trustees or officers of the Fund who are also officers of the Adviser.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Fund pays compensation to Independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. The Fund does not pay compensation directly to Trustees or officers of the Fund who are also officers of the Adviser.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(3)&nbsp;&nbsp;Other Transactions with Affiliates</i></font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">An affiliate company is a company in which the Fund holds 5% or more of the voting securities. Transactions involving such companies during the six months ended March 31, 2020 were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="88" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Affiliated Companies</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Beginning<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Value as of<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">September 30, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Purchases at<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cost</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="74" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Proceeds<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">from Sales</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Net Realized<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Gain/(Loss)<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">on sale of<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Affiliated<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Companies</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="97" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Change in<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Unrealized<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Appreciation/<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Depreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Ending Value<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">as of<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">March 31, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2020</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="88" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">IlluminOss Medical, Inc.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2,475,723</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">185,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">($</font></p></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,937,444</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">723,279</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="88" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2,475,723</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">185,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(</font></p></td>
<td colspan="1" width="57" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$1,937,444</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">723,279</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>25</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>NOTES TO FINANCIAL STATEMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(continued)</i></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="88" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Affiliated Companies</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="67" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Shares as of<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">March 31,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2020</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Principal<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Amount as of<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">March 31,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2020</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Dividend/<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Interest<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Income from<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Affiliated<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Companies</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Capital Gain<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Distributions<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">from Affiliated<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Companies</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="88" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">IlluminOss Medical, Inc.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2,313,841</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,867,973</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">70,129</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="88" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2,313,841</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,867,973</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">70,129</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:5pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(4)&nbsp;&nbsp;Fair Value Measurements</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">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.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">For the period ended March 31, 2020, the total amount of transfers between Level 3 and Level 2 was $979,998. The one investment was transferred due to an initial public offering lock-up period and the value is being supported by significant observable inputs. There were no other transfers between levels.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The following is a summary of the levels used as of March 31, 2020 to value the Fund's net assets.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Assets at Value</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Level 1</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="74" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Level 2</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="74" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Level 3</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Total</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="447" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Convertible Preferred and Warrants</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Biotechnology</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">9,840,675</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">9,840,675</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Health Care Equipment &amp; Supplies</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">185</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">185</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Pharmaceuticals</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2,999,999</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2,999,999</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="447" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Convertible Notes</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Biotechnology</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">194,493</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">194,493</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Health Care Equipment &amp; Supplies</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">723,094</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">723,094</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="447" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Common Stocks and Warrants</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Biotechnology</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">285,677,204</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">748,341</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">321,801</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">286,747,346</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Drug Discovery Technologies</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">174,456</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">174,456</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Health Care Equipment &amp; Supplies</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">6,176,664</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">856,108</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">7,032,772</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Health Care Providers &amp; Services</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">427,218</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">136,504</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">563,722</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Healthcare Services</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">978,050</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">978,050</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Life Sciences Tools &amp; Services</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">29,507,302</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">29,507,302</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Pharmaceuticals</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38,730,356</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">69,699</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38,800,055</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Short-term Investment</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">12,625,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">12,625,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>26</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>NOTES TO FINANCIAL STATEMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(continued)</i></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Assets at Value</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Level 1</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="74" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Level 2</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="74" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Level 3</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Total</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="447" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Milestone Interests</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Biotechnology</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,445,446</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,445,446</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Health Care Equipment &amp; Supplies</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">4,604</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">4,604</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Pharmaceuticals</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">5,486,220</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">5,486,220</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Other Assets</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">376,587</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">376,587</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Total</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">361,671,250</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">13,373,341</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">22,455,415</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">397,500,006</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="447" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Other Financial Instruments</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="447" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Assets</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Call Option Contracts Purchased</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">81,600</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">81,600</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="64" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Investment in <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">securities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Balance as of <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">September 30, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Net realized <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">gain (loss) and <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">change in <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">unrealized<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">appreciation <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(depreciation)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cost of <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">purchases <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">and <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">conversions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Proceeds <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">from <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">sales and <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">conversions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Net <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">transfers <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">into <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(out of) <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Level 3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Balance <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">as of <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">March 31, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2020</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="629" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Convertible Preferred and Warrants</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Biotechnology</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">7,120,498</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">($</font></p></td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">480,031</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">3,200,208</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">9,840,675</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Health Care <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Equipment &amp; <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Supplies</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">792,748</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="63" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(792,563</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">185</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Pharmaceuticals</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,499,999</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2,999,999</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="629" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Convertible Notes</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Biotechnology</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">597,977</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(458,290</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">54,806</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">194,493</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Health Care <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Equipment &amp; <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Supplies</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,682,975</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="63" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(1,126,544</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">185,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(18,337</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">723,094</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="629" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Common Stock and Warrants</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Biotechnology</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,354,614</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="63" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(49,159</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(3,656</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(979,998</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">321,801</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Health Care <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Equipment &amp; <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Supplies</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">678,730</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">177,378</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">856,108</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Health Care <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Providers &amp; <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Services</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,359,525</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="63" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(743,725</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">135,770</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(615,066</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">136,504</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Pharmaceuticals</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">822</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">14,734</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">54,143</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">69,699</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="629" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Milestone Interests</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Biotechnology</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,444,178</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,268</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,445,446</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Health Care <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Equipment &amp; <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Supplies</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">4,567</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="63" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">37</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">4,604</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Pharmaceuticals</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">5,543,707</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(57,487</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">5,486,220</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Other Assets</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">391,097</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="63" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">3,925</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(18,435</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">376,587</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">22,471,437</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">($</font></p></td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">3,514,382</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">5,079,709</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">($</font></p></td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">655,494</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">($</font></p></td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">925,855</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">22,455,415</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="537" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Net change in unrealized appreciation (depreciation) from <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">investments still held as of March 31, 2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$2,788,260</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>27</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>NOTES TO FINANCIAL STATEMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(continued)</i></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The following is a quantitative disclosure about significant unobservable inputs used in the determination of the fair value of Level 3 assets.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="85" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Fair Value at<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">March 31, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2020</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Valuation Technique</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Unobservable Input</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="165" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Range <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(Weighted Average)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Private Companies and<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Other Restricted<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Securities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">897,215</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Income approach,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Black-Scholes</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Discount for lack of<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">marketability</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">20.00</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%-50.00% (20.14%)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">6,927,032</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="84" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Probability weighted <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">expected return model</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Discount rate<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Price to sales multiple</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">43.63<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">4.41</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">x-29.21x (17.64x)</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%-51.81% (48.16%)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="85" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="top" style="padding:2.5pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="top" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,995,278</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:2.5pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" align="left" valign="top" style="padding:2.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Market approach, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">recent transaction</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="top" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(a)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="top" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">N/A</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">5,132,386</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="84" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Market comparable</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Discount for lack of <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">marketability<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Earning ratio</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">15.00<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">5.98</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">x (5.98x)</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">% (15.00%)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">7,503,504</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Probability adjusted <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">value</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="98" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Probability of events<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Timing of events</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.25-17.00 </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(3.65) years</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">%-100.00% (51.71%)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="85" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">22,455,415</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="165" valign="bottom" style="padding:2.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:3pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">(a)&nbsp;&nbsp;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 as these methods of measure are investment specific.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(5)&nbsp;&nbsp;Private Companies and Other Restricted Securities</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">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 March 31, 2020.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">At March 31, 2020, the Fund had a commitment of $3,979,821 relating to additional investments in two private companies.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">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 March 31, 2020. The Fund on its own does not have the right to demand that such securities be registered.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Security (#)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Acquisition<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Date</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cost</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Carrying Value<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">per Unit</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="74" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Afferent Milestone Interest</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">07/27/16</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">161,872</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">251,261.00</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">251,261</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="482" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Amphivena Therapeutics, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Series B Cvt. Pfd</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">07/17/17</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2,101,222</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">15.00</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2,100,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Series C Cvt. Pfd</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">12/10/18</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">808,848</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">3.59</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">808,848</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Arkuda Therapeutics, Inc. Series A Cvt. Pfd</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">05/16/19</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">818,184</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2.38</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">818,183</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cercacor Laoratories, Inc. Common</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">03/31/98&dagger;</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">6.59</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">856,108</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Curasen Therapeutics, Inc. Series A Cvt. Pfd</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">09/18/18, 01/07/20</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2,999,999</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1.10</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2,999,999</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="482" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Decipher Biosciences, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Series II Cvt. Pfd</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">03/29/19</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,846,969</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2.51</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,000,566</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Series III Cvt. Pfd</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">03/29/19</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">417,862</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">2.51</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">994,712</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>28</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=30,FOLIO='28',FILE='20-17901-2.fa.qxp',USER='Unknown',CD='May 28 12:35 2020' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>NOTES TO FINANCIAL STATEMENTS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><i>MARCH 31, 2020</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><i>(continued)</i></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Security (#)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Acquisition<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Date</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cost</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Carrying Value<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">per Unit</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="74" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Ethismos Research Milestone Interest</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">10/31/17</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Galera Therapeutics, Inc. Common</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">08/30/18</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">980,062</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">8.55</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">748,341</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="482" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">IlluminOss Medical, Inc.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Series AA Cvt. Pfd</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">01/21/16</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">960,650</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&dagger;&dagger;</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">95</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Junior Preferred</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">01/21/16</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,566,291</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&dagger;&dagger;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">90</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">11/21/14</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">95,245</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38.72</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">36,816</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">03/18/17</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">285,837</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38.72</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">110,466</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">01/11/18</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">190,221</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38.72</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">73,632</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">02/06/18</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">190,166</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38.72</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">73,632</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">09/05/18</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">237,708</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38.72</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">92,040</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">01/28/19</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">185,849</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38.72</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">71,961</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">04/10/19</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">51,858</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38.72</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">20,080</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">05/10/19</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">81,882</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38.72</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">31,705</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">07/01/19</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">113,205</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38.72</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">43,833</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">08/29/19</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">37,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38.72</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">14,326</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">09/27/19</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">214,763</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38.72</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">83,156</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">01/08/20</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">123,333</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38.72</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">47,755</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">03/05/20</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">61,667</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38.72</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">23,692</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Warrants (expiration 03/31/27)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">03/28/17</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">331</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Warrants (expiration 09/06/27)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">09/05/18</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Warrants (expiration 11/20/27)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">11/21/17</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">87</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Warrants (expiration 01/11/28)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">01/11/18</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">29</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Warrants (expiration 02/06/28)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">02/06/18</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Warrants (expiration 01/29/29)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">01/28/19</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Warrants (expiration 04/29/29)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">04/10/19</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Warrants (expiration 05/13/29)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">05/10/19</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Warrants (expiration 07/02/29)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">05/10/19</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Warrants (expiration 08/29/29)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">08/29/19</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Warrants (expiration 09/27/29)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">09/27/19</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Warrants (expiration 01/08/30)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">01/08/20</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Warrants (expiration 03/06/30)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">03/05/20</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Impact Biomedicines Milestone Interest</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">07/20/10</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">3,301,998.00</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">3,301,998</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">InnovaCare, Inc. Escrow Shares Common</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">12/21/12&dagger;</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">135,770</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.92</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">136,504</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Neurovance Milestone Interest</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">03/20/17</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">3,417,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,932,961.00</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,932,961</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Oculis SA, Series B2 Cvt. Pfd</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">01/16/19</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">990,902</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">8.65</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,018,185</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="482" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Rainier Therapeutics, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Series A Cvt. Pfd</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">01/19/16, 10/24/16</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">750,652</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&dagger;&dagger;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">115</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Series B Cvt. Pfd</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">03/03/17</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">500,091</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&dagger;&dagger;</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">67</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">01/30/19</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">189,679</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">03/28/19</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">189,680</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.00</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">07/16/19</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">218,642</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">71.21</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">155,688</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Cvt. Promissory Note</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">10/07/19</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">54,753</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">71.21</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">38,805</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Rallybio Holdings, LLC Series B Cvt. Pfd</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">03/27/20</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">3,099,999</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1.48</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">3,099,999</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Therachon Milestone Interest</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">07/01/19</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,409,779</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,445,446.00</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">1,445,446</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Therox Milestone Interest</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">06/18/19</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">6,240</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">4,604.00</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">4,604</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">Vectivbio Holding AG Common</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">07/01/19&dagger;</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">292,594</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">0.79</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">296,250</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" valign="bottom" style="padding:7.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="73" bgcolor="#cceeff" valign="bottom" style="padding:7.5pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:7.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:7.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">25,787,421</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:7.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="99" bgcolor="#cceeff" valign="bottom" style="padding:7.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="right" valign="bottom" style="padding:7.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:7.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">22,731,919</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:7.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:3pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&nbsp;&nbsp;(#)&nbsp;&nbsp;See Schedule of Investments and corresponding footnotes for more information on each issuer.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&nbsp;&nbsp;&dagger;&nbsp;&nbsp;Interest received as part of a corporate action for a previously owned security.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">&nbsp;&nbsp;&dagger;&dagger;&nbsp;&nbsp;Carrying value per unit is greater that $0.00 but less than $0.01</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>29</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>INVESTMENT ADVISORY AGREEMENT APPROVAL</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Investment Advisory Agreement (the Advisory Agreement) between the Fund and the Adviser continues in effect so long as its continuance is approved at least annually by (i) the Trustees of the Fund and (ii) a majority of the Trustees of the Fund who are not interested persons (the Independent Trustees), by vote cast in person at a meeting called for the purpose of voting on such approval.</font></p>
<p style="margin:8pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">After considering the matter in a meeting held on March 19, 2020, the Board, and the Independent Trustees voting separately, determined that the terms of the Advisory Agreement are fair and reasonable and approved the continuance of the Advisory Agreement as being in the best interests of the Fund and its shareholders. In making its determination, the Board considered materials that were specifically prepared by the Adviser and by an independent data provider at the request of the Board and Fund counsel for purposes of the contract review process, including comparisons of (i) the Fund's performance both directly and on a risk adjusted basis to a benchmark, the NASDAQ Biotech Index<sup>&reg;</sup> (NBI), and to a peer universe of other investment companies, (ii) the Fund's expenses and expense ratios to those of a peer group of other investment companies, and (iii) the Adviser's profitability with respect to its services for the Fund to the profitability of other investment advisers. The Trustees took into account that the Adviser provides investment management services only to Tekla Life Sciences Investors, Tekla Healthcare Investors, Tekla Healthcare Opportunities Fund and Tekla World Healthcare Fund and does not derive any significant benefit from its relationship with the Fund other than receipt of advisory fees pursuant to the Advisory Agreement, market research and potential marketing exposure for the Adviser. The Board also received and reviewed information throughout the year about the portfolio performance, the investment strategy, the portfolio management team and the fees and expenses of the Fund. In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of the Adviser present and were represented throughout the process by counsel to the Independent Trustees and the Fund.</font></p>
<p style="margin:8pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">In approving the Advisory Agreement, the Board considered, among other things, the nature, extent, and quality of the services to be provided by the Adviser, the investment performance of the Fund and the Adviser, the costs of services provided and profits realized by the Adviser and its affiliates, and whether fee levels reflect any economies of scale for the benefit of Fund shareholders and the extent to which economies of scale would be realized as the Fund grows. The Board reviewed information about the foregoing factors and considered changes, if any, in such information since its previous approval. The Board also evaluated the financial strength of the Adviser and the capability of the personnel of the Adviser, specifically the strength and background of its investment analysts. Fund counsel provided the Board with the statutory and regulatory requirements for approval and disclosure of investment advisory agreements. The Board, including the Independent Trustees, evaluated all of the foregoing and, considering all factors together, determined in the exercise of its business judgment that the continuance of the Advisory Agreement is in the best interests of the Fund and its shareholders. The following provides more detail on certain factors considered by the Trustees and the Board's conclusions with respect to each such factor.</font></p>
<p style="margin:8pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><u>The nature, extent and quality of the services to be provided by the Adviser.</u> On a regular basis the Board considers the roles and responsibilities of the Adviser as a whole, along with specific portfolio management, support and trading functions the Adviser provides to the Fund. The Trustees considered the nature, extent and quality of the services provided by the Adviser to the Fund. The Trustees continue to be satisfied with the quality and value of the investment advisory services provided to the Fund by the Adviser, and, in particular, the management style and discipline followed by the Adviser and the quality of the Adviser's research, trading, portfolio management, compliance and administrative personnel. The Trustees also took into </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>30</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>INVESTMENT ADVISORY AGREEMENT APPROVAL</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">(continued)</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">account the Adviser's significant investment in its business through the addition of portfolio management and administrative staff in recent years and the Adviser's commitment to continue to build out its infrastructure as future circumstances require.</font></p>
<p style="margin:7.5pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><u>The investment performance of the Fund and the Adviser.</u> On a regular basis the Board reviews performance information of the Fund and discusses the Fund's investment strategy with the Adviser. The Trustees reviewed performance information for the Fund and for the past one-, three-, five- and ten-year periods ended December 31, 2019, as compared to its benchmark, the NBI, and a peer universe of other investment companies identified by an independent service provider engaged by the Independent Trustees. The Trustees also reviewed information relating to the performance of the Fund's venture capital portfolio. The Trustees noted that the performance information reviewed reflects a view of the Fund's performance only as of a certain date, and that the results might be significantly different if a different date was selected to generate the performance information. Additionally, the Trustees recognized that longer periods of performance for the Fund may be adversely and disproportionately affected by significant underperformance in one more recent period, and that such underperformance may be caused by a small number of investment decisions or positions.</font></p>
<p style="margin:7.5pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Unlike many other broader-based healthcare indices, the NBI contains high levels of biotechnology-based companies. Over time, this index has demonstrated higher returns, but has also demonstrated higher price volatility than the broad S&amp;P 500<sup>&reg;</sup> Index. The Adviser seeks to operate the Fund at a biotechnology exposure level that is higher than many other indices and Funds but at a level that is below that of the NBI. The Adviser also seeks to operate the Fund at lower volatility than that of the NBI. In the current reporting period, the Adviser sought to do so by limiting exposure to biotechnology relative to the NBI and also by maintaining a higher exposure to large biotechnology companies (which exhibit relatively lower volatility) than is present in the NBI and lower exposure to small and mid-capitalization biotechnology companies than is present in the NBI.</font></p>
<p style="margin:7.5pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Trustees noted that as of December 31, 2019, the Fund outperformed (on a net asset value basis) the return of the NBI on a direct comparison basis for the one- and five-year periods, but underperformed the NBI for the three- and ten-year periods. The Trustees noted, however, that the Fund exhibited a lower volatility than that of the NBI and outperformed the NBI on a risk adjusted basis for all evaluation periods ended December 31, 2019, except the ten-year period. The Trustees noted that the Fund outperformed the peer universe average on a direct comparison basis for the one- and ten-year periods and underperformed the peer universe average on a direct comparison basis for the three- and five-year periods. The Trustees also noted that the Fund produced returns comparable to the returns of those funds the Adviser believes are most similar to HQL (i.e., high biotech allocation funds).</font></p>
<p style="margin:7.5pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">In considering the Fund's relative performance, the Trustees recognized that the Fund's unique strategy presents challenges when comparing the Fund's performance to a benchmark or group of comparable funds. In particular, the Trustees observed that the Fund's strategy has historically included a lower biotechnology allocation compared to the NBI and a higher biotechnology allocation compared to many other healthcare indices and to many of the other funds in the peer universe. The Trustees noted that, as a result, all other things being equal, in periods when biotechnology performs relatively well, the Fund might be expected to underperform the NBI (and/or the peer universe) and vice versa. Additionally, the Trustees noted that unlike the NBI and most of the peer universe, the Fund often maintains a meaningful allocation to venture and restricted securities. In light of these differences, the Trustees recognized the more limited usefulness of these performance comparisons for the Fund.</font></p>
<p style="margin:7.5pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Trustees concluded they continue to be satisfied with the investment performance of the Fund and the Adviser.</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:12pt;"><b>INVESTMENT ADVISORY AGREEMENT APPROVAL</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">(continued)</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><u>The costs of services to be provided and profits to be realized by the Adviser from its relationship with the Fund.</u> The Trustees considered the various services provided by the Adviser to the Fund and reviewed comparative information regarding the expenses and expense ratios of the Fund and a peer group of other investment companies identified by an independent service provider engaged by the Independent Trustees. The Trustees noted that the Adviser's fees are within the range of fees presented in the comparative information and noted that the Fund often maintains a meaningful allocation to venture and restricted securities, a portfolio management service that can warrant higher management fees than those charged by the Adviser to the Fund. The Trustees also considered financial information provided by the Adviser, including financial statements of the Adviser and a comparison of the Adviser's profitability with respect to its services for the Fund to the profitability of other investment advisers.</font></p>
<p style="margin:8pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Trustees noted that the fees charged by the Adviser are within a reasonable range of fees as compared to fees charged by other investment advisers, and the services provided by the Adviser and the amounts paid under the Advisory Agreement are at least comparable to the services rendered and fees charged by others for similar services to warrant a finding that fees to be paid by the Fund are fair. Based on the information provided to and evaluated by the Trustees, the Trustees concluded that the fees charged by the Adviser are fair and reasonable in light of the quality and nature of the services provided by the Adviser and that the profitability of the Adviser's relationship with the Fund has not been excessive.</font></p>
<p style="margin:8pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><u>Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows.</u> The Trustees considered the advisory fee schedule in the Advisory Agreement and noted that it provides for breakpoints that would reduce the effective fee to the extent the Fund's net assets should increase, allowing the Fund to share in the benefits of any economies of scale that would inure to the Adviser as the Fund's assets increase. Given the closed-end structure of the Fund, its current asset size, and the fact that any economies of scale are modest at current Fund asset levels, the Trustees determined that the Fund's advisory fee schedule is satisfactory and fair.</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>PRIVACY NOTICE:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"> If you are a registered shareholder of the Fund, the Fund and Tekla Capital Management LLC, the Fund's investment adviser, may receive nonpublic personal information about you from the information collected by the transfer agent from your transactions in Fund shares. Any nonpublic personal information is not disclosed to third parties, except as permitted or required by law. In connection with servicing your account and effecting transactions, the information received may be shared with the investment adviser and non-affiliates, including transfer agents, custodians or other service companies. Access to your nonpublic personal information is restricted to employees who need to know that information to provide products or services to you. To maintain the security of your nonpublic personal information, physical, electronic, and procedural safeguards are in place that comply with federal standards. The policies and practices described above apply to both current and former shareholders.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">If your Fund shares are held in "street name" at a bank or brokerage, we do not have access to your personal information and you should refer to your bank's or broker's privacy policies for a statement of the treatment of your personal information.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>FOR MORE INFORMATION:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"> A description of the Fund's proxy voting policies and procedures and information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-451-2597; (ii) by writing to Tekla Capital Management LLC at 100 Federal Street, 19th Floor, Boston, MA 02110; (iii) on the Fund's website at www.teklacap.com; and (iv) on the SEC's website at www.sec.gov.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Fund's complete Schedule of Investments for the first and third quarters of its fiscal year will be filed with the SEC on Form N-PORT. This Schedule of Investments will also be available on the Fund's website at www.teklacap.com or the SEC's website at www.sec.gov.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">You can find information regarding the Fund at the Fund's website, www.teklacap.com. The Fund regularly posts information to its website, including information regarding daily share pricing, distributions and press releases, and maintains links to the Fund's SEC filings. The Fund currently publishes and distributes quarterly fact cards, including performance, portfolio holdings and sector information for each fiscal quarter. These fact cards will be available on the Fund's website and by request from the Fund's marketing and investor support services agent, Destra Capital Advisors LLC, at 1-877-855-3434.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>DISTRIBUTION POLICY:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"> The Fund has a managed distribution policy as described in the Notes to Financial Statements. For more information contact your financial adviser.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>SHARE REPURCHASE PROGRAM:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"> In March 2020, the Trustees reauthorized the share repurchase program to allow the Fund to repurchase up to 12% of its outstanding shares for a one year period ending July 14, 2021.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>PORTFOLIO MANAGEMENT:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"> Daniel R. Omstead, Ph.D., Jason C. Akus, M.D./M.B.A., Timothy Gasperoni, M.B.A, Ph.D., Christian M. Richard, M.B.A, M.S., Henry Skinner, Ph.D., Ashton L. Wilson, Christopher Abbott, Robert Benson, Richard Goss, Alan Kwan, M.B.A, M.S., Ph.D., Jack Liu, M.B.A., Ph.D., and Loretta Tse, Ph.D. are members of a team that analyzes investments on behalf of the Fund. Dr. Omstead exercises ultimate decision making authority with respect to investments.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>HOUSEHOLDING:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"> A number of banks, brokers and financial advisers have instituted "householding". Under this practice, which has been approved by the SEC, only one copy of shareholder documents may be delivered to multiple shareholders who share the same address and satisfy other conditions. Householding is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. If you do not want the mailing of your shareholder documents to be combined with those of other members of your household, please contact your bank, broker or financial adviser.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:16pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
<p style="margin:7pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">New York Stock Exchange Symbol: HQL<BR>NAV Symbol: XHQLX</font></p>
<p style="margin:7pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">100 Federal Street, 19th Floor<BR>Boston, Massachusetts 02110<BR>(617) 772-8500<BR>www.teklacap.com</font></p>
<p style="margin:5pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Officers</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Daniel R. Omstead, Ph.D., President<BR>Laura Woodward, CPA, Chief Compliance Officer,<BR>Secretary and Treasurer</font></p>
<p style="margin:5pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Trustees</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Rakesh K. Jain, Ph.D.<BR>Thomas M. Kent, CPA<BR>Daniel R. Omstead, Ph.D.<BR>Oleg M. Pohotsky, M.B.A., J.D.<BR>William S. Reardon, M.B.A.<BR>Lucinda H. Stebbins, M.B.A., CPA</font></p>
<p style="margin:5pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Investment Adviser</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Tekla Capital Management LLC</font></p>
<p style="margin:5pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Administrator &amp; Custodian</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">State Street Bank and Trust Company</font></p>
<p style="margin:5pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Transfer Agent</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Computershare, Inc.</font></p>
<p style="margin:5pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Legal Counsel</b></font></p>
<p style="margin:0pt 0pt 11pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Dechert LLP</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Shareholders with questions regarding share transfers may call</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:14pt;"><b>1-800-426-5523</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Daily net asset value may be obtained from<BR>our website (</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>www.teklacap.com</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">) or by calling</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:14pt;"><b>617-772-8500</b></font></p>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 2. CODE OF ETHICS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable to this semi-annual filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable to this semi-annual filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable to this semi-annual filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable to this semi-annual filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 6. INVESTMENTS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrant&#8217;s Schedule of Investments
is included as part of the Report to Shareholders filed under Item 1 of this form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES
FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable to this semi-annual filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>






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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT
COMPANIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable to this semi-annual filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Period</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">(a)&nbsp;Total&nbsp;No.<BR> of&nbsp;Shares<BR> Purchased&nbsp;(1)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">(b)&nbsp;Average<BR> Price&nbsp;Paid&nbsp;per<BR> Share</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">(c)&nbsp;Total&nbsp;No.<BR> of&nbsp;Shares<BR> Purchased&nbsp;as<BR> Part&nbsp;of<BR> Publicly<BR> Announced&nbsp;Plans<BR> or&nbsp;Programs</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">(d)&nbsp;Maximum&nbsp;No.<BR> of&nbsp;Shares&nbsp;that<BR> May&nbsp;Yet&nbsp;Be<BR> Purchased&nbsp;Under<BR> the&nbsp;Plans&nbsp;or<BR> Programs</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: bold 10pt Times New Roman, Times, Serif">Month #1 (Oct.&nbsp;1, 2019 - Oct.&nbsp;31, 2019)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,781,589</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Month #2 (Nov.&nbsp;1, 2019 &mdash; Nov.&nbsp;30, 2019)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">91,683</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.71</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">91,683</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,689,906</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Month #3 (Dec.&nbsp;1, 2019 &mdash; Dec.&nbsp;31, 2019)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,689,906</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Month #4 (Jan.&nbsp;1, 2020 &mdash; Jan.&nbsp;31, 2020)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,689,906</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Month #5 (Feb.&nbsp;1, 2020 &mdash; Feb.&nbsp;29, 2020)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20,294</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.73</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20,294</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,669,612</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Month #6 (Mar.&nbsp;1, 2020 &mdash; Mar.&nbsp;31, 2020)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">33,023</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">(2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13.55</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">24,723</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,644,889</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">145,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">15.85</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">136,700</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD>On June&nbsp;30, 2011, the share repurchase program was announced, which has been subsequently reviewed and approved by the
Board of Trustees. On March&nbsp;21, 2019, the share repurchase program was renewed, allowing the Registrant to repurchase up to
12% of its outstanding shares for a one year period ending July&nbsp;14, 2020. On March&nbsp;19, 2020, the Trustees approved the
renewal of the repurchase program to allow the Registrant to repurchase up to 12% of its outstanding shares in the open market
for a one year period ending July&nbsp;14, 2021.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD>8,300 shares were purchased in Month #6 by Daniel R. Omstead in the open market. Dr. Omstead is a director of the Registrant
and a controlling person of the Registrant's investment adviser.&nbsp; Accordingly, Dr. Omstead may be deemed an &quot;affiliated
purchaser&quot; of the Registrant's shares as such term is defined by Rule 10b-18(a)(3) under the Exchange Act of 1934.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There have been no material changes to the procedures by which
the shareholders may recommend nominees to the Registrant&#8217;s Board of Trustees, where those changes were implemented after
the Registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G)&nbsp;of Schedule 14A, or this Item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 11. CONTROLS AND PROCEDURES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD>In the opinion of the principal executive officer and principal financial officer, based on their evaluation which took place
within 90 days of this filing, the Registrant&#8217;s disclosure controls and procedures are adequately designed and are operating
effectively to ensure (i)&nbsp;that material information relating to the Registrant, including its consolidated subsidiaries, is
made known to them by others within those entities, particularly during the period in which this report is being prepared; and
(ii)&nbsp;that information required to be disclosed by the registrant on Form&nbsp;N-CSR is recorded, processed, summarized and
reported within the time period specified in the Securities and Exchange Commission&#8217;s rules&nbsp;and forms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD>There were no changes in the Registrant&#8217;s internal control over financial reporting that occurred during the Registrant&#8217;s
most recent second fiscal quarter that have materially affected or that are reasonably likely to materially affect the Registrant&#8217;s
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Item 12. Disclosure
of Securities Lending Activities for Closed-End Management Investment Companies.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 13. EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)&nbsp;&nbsp;Code
of Ethics - </FONT>Not applicable to this semi-annual filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><A HREF="tm2017901d1_ex99cert.htm" STYLE="-sec-extract: exhibit">(a)(2)&nbsp;Separate certifications of the Principal Executive and Financial Officers as required by Rule&nbsp;30a-2(a)&nbsp;under the 1940Act and Section&nbsp;302 of the Sarbanes-Oxley Act of 2002 are attached hereto (Exhibit&nbsp;1 and 2).</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><A HREF="tm2017901d1_ex99section19a.htm" STYLE="-sec-extract: exhibit">(a)(3)&nbsp;Notices to Fund&#8217;s shareholders in accordance with Investment Company Act Section&nbsp;19(a)&nbsp;and Rule&nbsp;19a-1 (Exhibit&nbsp;3).</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><A HREF="tm2017901d1_ex99-906cert.htm" STYLE="-sec-extract: exhibit">(b)&nbsp;Certifications pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 are attached hereto (Exhibit&nbsp;4).</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>





<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48pt">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEKLA LIFE SCIENCES INVESTORS</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By (Signature and Title)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Daniel R. Omstead</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel R. Omstead, President</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6/5/20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 51%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48pt">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By (Signature and Title)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Laura Woodward</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laura Woodward, Treasurer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6/5/20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Print the name and title of each signing officer under his
or her signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>tm2017901d1_ex99cert.htm
<DESCRIPTION>EXHIBIT 99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.CERT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;1: CERTIFICATION OF PRINCIPAL
EXECUTIVE OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I,&nbsp;&nbsp;&nbsp;Daniel R. Omstead, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD>I have reviewed this report on Form&nbsp;N-CSR of TEKLA LIFE SCIENCES INVESTORS;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD>The registrant&#8217;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the Registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</FONT></TD><TD>Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD>Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s
internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD>The registrant&#8217;s other certifying officer(s)&nbsp;and I have disclosed to the registrant&#8217;s auditors and the audit
committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial
information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6/5/20</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Daniel R. Omstead</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Daniel R. Omstead</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;2: CERTIFICATION OF PRINCIPAL
FINANCIAL OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I,&nbsp;&nbsp;&nbsp;Laura Woodward, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD>I have reviewed this report on Form&nbsp;N-CSR of TEKLA LIFE SCIENCES INVESTORS;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD>The registrant&#8217;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the Registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</FONT></TD><TD>Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD>Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s
internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD>The registrant&#8217;s other certifying officer(s)&nbsp;and I have disclosed to the registrant&#8217;s auditors and the audit
committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial
information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="width: 43%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6/5/20</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Laura Woodward</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Laura Woodward</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Treasurer</FONT></TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99.SECTION19(A)
<SEQUENCE>3
<FILENAME>tm2017901d1_ex99section19a.htm
<DESCRIPTION>EXHIBIT 99.SECTION19(A)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.Section 19(a)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT 3: SECTION&nbsp;19(a) NOTICE
TO FUND&#8217;S SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 18pt">T</FONT><FONT STYLE="font-size: 14pt">EKLA
LIFE SCIENCES INVESTORS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Notification of Sources of Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Distribution Paid Date: &nbsp;&nbsp;&nbsp;December 31, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Distribution Amount Per Common Share: &nbsp;&nbsp;&nbsp;$0.33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The following table
sets forth the estimated amounts of the current distribution, paid December 31, 2019, and the cumulative distributions paid this
fiscal year-to-date from the following sources: net investment income, net realized short-term capital gains, net realized long-term
capital gains, and return of capital or other capital source.</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Current <BR> Distribution</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; vertical-align: bottom">Percentage<BR>
 Breakdown<BR> of Current<BR> Distributions</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total Cumulative<BR> Distributions for the<BR> Fiscal Year to Date<SUP>1</SUP></B></FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><BR STYLE="clear: both"></B></FONT><B>Percentage<BR> Breakdown of the<BR> Total Cumulative<BR> Distributions for the<BR> Fiscal Year to Date<SUP>1</SUP></B> &nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net Investment Income</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">0.0000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">0.0000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net Realized ST Cap Gains</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net Realized LT Cap Gains</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.3300</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.3300</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Return of Capital or Other Capital Source</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">TOTAL (per common share):</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.3300</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.3300</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">The table below includes information relating to the
Fund&#8217;s performance based on its NAV for certain periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Average annual total return at NAV for the period from October 31, 2014 through October 31, 2019</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">2.51</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Annualized current distribution rate expressed as a percentage of NAV as of October 31, 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.42</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cumulative total return at NAV for the fiscal year, through October 31, 2019<SUP>2</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.49</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cumulative fiscal year-to-date distribution rate expressed as a percentage of NAV as of October 31, 2019<SUP>1</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.85</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">You should not draw any conclusions about the Fund&#8217;s
investment performance from the amount of this distribution or from the terms of the Fund&#8217;s managed distribution policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt">The composition of this and subsequent distribution may vary
from quarter to quarter because it may be materially impacted by future realized gains and losses on securities. The aggregate
of the net unrealized appreciation of portfolio securities and net realized gains on sale of securities is $108,031,990, of which
$95,389,385 represents net unrealized appreciation of portfolio securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 1pt">The amounts and sources of distributions reported
in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of
the amounts for tax reporting purposes will depend upon the Fund&#8217;s investment experience during the remainder of its fiscal
year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that
will tell you how to report these distributions for federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><SUP>1</SUP>The Fund&#8217;s current fiscal year began
on October 1, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt; text-indent: -3.95pt"><SUP>2</SUP>Cumulative total return
at NAV is the percentage change in the Fund&#8217;s NAV and includes all distributions and assumes the reinvestment of those distributions
for the period of September 30, 2019 through October 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Tekla Life Sciences Investors&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">CUSIP: 87911K100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">www.teklacap.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Tekla Capital Management LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">100 Federal Street, 19<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Boston, Massachusetts 02110</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 470pt 0pt 1pt">617-772-8500 Fax: 617-772-8577</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">03632B&nbsp;&nbsp;002CSNA638</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 18pt">T</FONT><FONT STYLE="font-size: 14pt">EKLA
LIFE SCIENCES INVESTORS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B>Notification of Sources of Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Distribution Paid Date:&nbsp;&nbsp; March 31, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Distribution Amount Per Common Share: &nbsp;&nbsp;&nbsp;$0.39</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The following table sets forth
the estimated amounts of the current distribution, paid March 31, 2020, and the cumulative distributions paid this fiscal year-to-date
from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains,
and return of capital or other capital source.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><B>Current <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR> Distribution</FONT></B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Percentage</B></P> <P STYLE="margin-top: 0; margin-bottom: 0"><B>Breakdown<BR> of Current <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR> Distributions</FONT></B></P></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><B>Total Cumulative<BR> Distributions for the<BR> Fiscal Year to Date<SUP>1</SUP></B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><BR STYLE="clear: both"></B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt"><B>Percentage <BR> Breakdown of the<BR> Total Cumulative<BR> Distributions for the<BR> Fiscal Year to Date<SUP>1</SUP></B></P> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net Investment Income</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">0.0000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">0.0000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net Realized ST Cap Gains</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net Realized LT Cap Gains</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.3900</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7200</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Return of Capital or Other Capital Source</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.0000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">TOTAL (per common share):</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.3900</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.7200</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">The table below includes information relating to the
Fund&#8217;s performance based on its NAV for certain periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Average annual total return at NAV for the period from January 31, 2015 through January 31, 2020</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">2.47</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Annualized current distribution rate expressed as a percentage of NAV as of January 31, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.46</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cumulative total return at NAV for the fiscal year, through January 31, 2020<SUP>2</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.48</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cumulative fiscal year-to-date distribution rate expressed as a percentage of NAV as of January 31, 2020<SUP>1</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.90</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">You should not draw any conclusions about the Fund&#8217;s
investment performance from the amount of this distribution or from the terms of the Fund&#8217;s managed distribution policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt">The composition of this and subsequent distribution may vary
from quarter to quarter because it may be materially impacted by future realized gains and losses on securities. The aggregate
of the net unrealized appreciation of portfolio securities and net realized gains on sale of securities is $29,547,773, of which
$10,156,073 represents net unrealized appreciation of portfolio securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 1pt">The amounts and sources of distributions reported
in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of
the amounts for tax reporting purposes will depend upon the Fund&#8217;s investment experience during the remainder of its fiscal
year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that
will tell you how to report these distributions for federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><SUP>1</SUP>The Fund&#8217;s current fiscal year began
on October 1, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt; text-indent: -3.95pt"><SUP>2</SUP>Cumulative total return
at NAV is the percentage change in the Fund&#8217;s NAV and includes all distributions and assumes the reinvestment of those distributions
for the period of September 30, 2019 through January 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Tekla Life Sciences Investors&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">CUSIP: 87911K100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">www.teklacap.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Tekla Capital Management LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">100 Federal Street, 19<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Boston, Massachusetts 02110</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 470pt 0pt 1pt">617-772-8500 Fax: 617-772-8577</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">038F7A&nbsp;&nbsp;&nbsp;&nbsp;002CSNAA51</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>tm2017901d1_ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99.906 CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.906CERT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;4: CERTIFICATION PURSUANT
TO SECTION&nbsp;906 OF THE SARBANES-OXLEY ACT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26pt">Pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002, each of the undersigned officers of TEKLA LIFE SCIENCES INVESTORS, do hereby certify, to such officer&#8217;s knowledge,
that the report on Form&nbsp;N-CSR of TEKLA LIFE SCIENCES INVESTORS for the period ended March&nbsp;31, 2020 fully complies with
the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934, as applicable, and information
contained in the Form&nbsp;N-CSR fairly presents, in all material respects, the financial condition and results of operations of
TEKLA LIFE SCIENCES INVESTORS for the stated period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6/5/20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Daniel R. Omstead</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Laura Woodward</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Daniel R. Omstead</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Laura Woodward</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Treasurer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A signed original of this written statement required by Section&nbsp;906
has been provided to TEKLA LIFE SCIENCES INVESTORS and will be retained by TEKLA LIFE SCIENCES INVESTORS and furnished to the SEC
or its staff upon request. This statement accompanies this report on Form&nbsp;N-CSR pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>






<P STYLE="margin: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
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<SEQUENCE>5
<FILENAME>j20179012_aa001.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
