NPORT-EX 2 NPORT_1540211872665981.htm

Tekla Life Sciences Investors

SCHEDULE OF INVESTMENTS

June 30, 2020

(Unaudited)

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

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

Tekla Life Sciences Investors

SCHEDULE OF INVESTMENTS

June 30, 2020

(Unaudited, continued)

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

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

Tekla Life Sciences Investors

SCHEDULE OF INVESTMENTS

June 30, 2020

(Unaudited, continued)

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

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

Tekla Life Sciences Investors

SCHEDULE OF INVESTMENTS

June 30, 2020

(Unaudited, continued)

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

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

Tekla Life Sciences Investors

SCHEDULE OF INVESTMENTS

June 30, 2020

(Unaudited, continued)

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

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

Tekla Life Sciences Investors

SCHEDULE OF INVESTMENTS

June 30, 2020

(Unaudited, continued)

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

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

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

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

Investment Valuation

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

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

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

Federal Income Tax Cost

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

Fair Value Measurements

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

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

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

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

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

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

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

Tekla Life Sciences Investors

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2020 

Continued

(Unaudited)

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

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

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

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

Private Companies and Other Restricted Securities

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

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

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

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

Tekla Life Sciences Investors

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2020 

Continued

(Unaudited)

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

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