NPORT-EX 2 NPORT_19E7_7336577144.htm

Tekla Life Sciences Investors 

SCHEDULE OF INVESTMENTS 

June 30, 2021 

(Unaudited)

SHARES				CONVERTIBLE PREFERRED (Restricted)(a)(b)- 5.8% of Net Assets		VALUE
				Biotechnology – 4.1%
	140,000			Amphivena Therapeutics, Inc. Series B		$	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
	79,099			Caribou Biosciences, Inc. Series C, 8.00%			1,365,012
	103,675			Dynacure Series C (c)			2,608,631
	1,291,668			Hotspot Therapeutics, Inc. Series B, 6.00%			3,100,003
	480,000			ImmuneID, Inc. Series A, 8.00%			960,000
	3,229,167			Invetx, Inc. Series A			1,550,000
	117,704			Oculis SA, Series B2, 6.00% (c)			1,252,371
	31,974			Oculis SA, Series C, 6.00% (c)			340,203
	41,067			Priothera Ltd. Series A, 6.00%			486,952
	1,166,606			Pyxis Oncology, Inc. Series B			1,920,000
	1,153,847			Rainier Therapeutics, Inc. Series A, 6.00%			115
	668,449			Rainier Therapeutics, Inc. Series B, 6.00%			109,759
	2,229,766			Rallybio Holdings, LLC Series B			3,100,044
							21,720,122
				Health Care Equipment & Supplies – 0.2%
	407,622			IO Light Holdings, Inc. Series A2			1,408,293
				Pharmaceuticals – 1.5%
	609,524			BioTheryX, Inc. Series E, 8.00%			3,200,001
	6,256,514			Curasen Therapeutics, Inc. Series A			2,999,999
	1,305,163			HiberCell, Inc. Series B			1,599,999
							7,799,999
				TOTAL CONVERTIBLE PREFERRED (Cost $31,667,807)			30,928,414
				COMMON STOCKS AND WARRANTS - 92.0% of Net Assets
				Biotechnology – 72.0%
	111,776			ACADIA Pharmaceuticals, Inc. (a)			2,726,217
	208,624			Affimed N.V. (a)(c)			1,773,304
	13,458			Alexion Pharmaceuticals, Inc. (a)			2,472,369
	53,427			Allakos, Inc. (a)			4,561,063
	55,782			Alnylam Pharmaceuticals, Inc. (a)			9,456,165
	115,240			Amgen, Inc.			28,089,750
	217,266			Amicus Therapeutics, Inc. (a)			2,094,444
	82,121			Apellis Pharmaceuticals, Inc. (a)			5,190,047
	32,461			ARCA biopharma, Inc. (a)			113,289
	18,027			ARCA biopharma, Inc. Warrants (expiration 06/11/22, exercise price $109.82) (a)(b)			0
	44,764			Arcutis Biotherapeutics, Inc. (a)			1,221,610
	257,406			Ardelyx, Inc. (a)			1,951,137
	67,473			Arena Pharmaceuticals, Inc. (a)			4,601,659
	23,128			Argenx SE ADR (a)			6,963,147
	52,166			Arrowhead Pharmaceuticals, Inc. (a)			4,320,388
	52,459			Ascendis Pharma A/S ADR (a)			6,900,981
	48,919			Atreca, Inc. (a)			416,790
	12,109			BeiGene Ltd. ADR (a)			4,155,688
	6,000			Bellicum Pharmaceuticals, Inc. (a)			19,800

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

Tekla Life Sciences Investors 

SCHEDULE OF INVESTMENTS 

June 30, 2021 

(Unaudited, continued)

SHARES				Biotechnology – continued		VALUE
	61,274			Biogen, Inc. (a)		$	21,217,348
	56,850			BioMarin Pharmaceutical, Inc. (a)			4,743,564
	22,322			BioNTech SE ADR (a)			4,997,449
	41,586			Black Diamond Therapeutics, Inc. (a)(d)			506,933
	45,530			Blueprint Medicines Corp. (a)			4,004,819
	58,612			Bridgebio Pharma, Inc. (a)			3,572,988
	26,489			ChemoCentryx, Inc. (a)			354,688
	168,782			Cogent Biosciences, Inc. (a)			1,368,822
	154,310			Corbus Pharmaceuticals Holdings, Inc. (a)			282,387
	55,080			CRISPR Therapeutics AG (a)(c)			8,916,901
	32,636			CymaBay Therapeutics, Inc. (a)(d)			142,293
	84,072			Deciphera Pharmaceuticals, Inc. (a)			3,077,876
	56,397			Denali Therapeutics, Inc. (a)			4,423,781
	21,531			Dicerna Pharmaceuticals, Inc. (a)			803,537
	15,190			Editas Medicine, Inc. (a)(d)			860,362
	42,839			Exact Sciences Corp. (a)			5,325,316
	146,095			Exelixis, Inc. (a)			2,661,851
	28,988			Fate Therapeutics, Inc. (a)			2,515,869
	53,186			Forma Therapeutics Holdings, Inc. (a)			1,323,800
	223,377			G1 Therapeutics, Inc. (a)			4,900,891
	145,858			Galera Therapeutics, Inc. (a)			1,433,784
	118,142			Gamida Cell Ltd. (a)(c)			757,290
	513,799			Gilead Sciences, Inc.			35,380,199
	26,109			I-Mab ADR (a)			2,191,851
	25,486			Incyte Corp. (a)			2,144,137
	37,238			Insmed, Inc. (a)			1,059,793
	21,380			Intellia Therapeutics, Inc. (a)			3,461,636
	18,630			Intercept Pharmaceuticals, Inc. (a)			372,041
	131,326			Ionis Pharmaceuticals, Inc. (a)			5,238,594
	125,094			Iovance Biotherapeutics, Inc. (a)			3,254,946
	120,324			Jounce Therapeutics, Inc. (a)			818,203
	31,594			KalVista Pharmaceuticals, Inc. (a)			756,992
	33,204			Karuna Therapeutics, Inc. (a)			3,784,924
	95,149			Kura Oncology, Inc. (a)			1,983,857
	329,569			Mereo Biopharma Group plc ADR (a)(d)			1,044,734
	167,649			Moderna, Inc. (a)			39,394,162
	95,811			Molecular Templates, Inc. (a)			749,242
	37,223			Nektar Therapeutics (a)			638,747
	71,328			Neurocrine Biosciences, Inc. (a)			6,941,641
	44,550			NexGel, Inc. (a)(b)			138
	28,988			Nkarta, Inc. (a)			918,630
	31,523			Novavax, Inc. (a)(d)			6,692,648
	111,820			Ovid Therapeutics, Inc. (a)(d)			437,216
	23,594			Praxis Precision Medicines, Inc. (a)			431,298
	19,832			Precision BioSciences, Inc. (a)			248,297
	42,331			Regeneron Pharmaceuticals, Inc. (a)			23,643,557
	76,500			Replimune Group, Inc. (a)			2,939,130
	39,422			Sage Therapeutics, Inc. (a)			2,239,564
	55,181			Sarepta Therapeutics, Inc. (a)			4,289,771
	40,716			Scholar Rock Holding Corp. (a)			1,176,692
	95,761			Seagen, Inc. (a)			15,118,747
	118,933			Sutro Biopharma, Inc. (a)			2,210,964
	76,396			TCR2 Therapeutics, Inc. (a)			1,253,658
	70,155			Travere Therapeutics, Inc. (a)			1,023,561

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

Tekla Life Sciences Investors 

SCHEDULE OF INVESTMENTS 

June 30, 2021 

(Unaudited, continued)

SHARES				Biotechnology – continued		VALUE
	157,719			Trillium Therapeutics, Inc. (a)(c)(d)		$	1,529,874
	41,280			Ultragenyx Pharmaceutical, Inc. (a)			3,936,048
	42,765			uniQure N.V. (a)(c)			1,317,162
	33,138			United Therapeutics Corp. (a)			5,945,289
	144,002			Vectivbio Holding AG (Restricted) (a)			1,511,157
	44,950			Vectivbio Holding AG (a)			524,117
	117,437			Vertex Pharmaceuticals, Inc. (a)			23,678,822
	25,600			Vir Biotechnology, Inc. (a)			1,210,368
	55,052			Xenon Pharmaceuticals, Inc. (a)(c)			1,025,068
	62,055			Y-mAbs Therapeutics, Inc. (a)			2,097,459
	11,502			Zai Lab Ltd. ADR (a)			2,035,739
							381,871,070
				Health Care Equipment & Supplies  – 2.7%
	130,000			Cercacor Laboratories, Inc. (Restricted) (a)(b)			1,502,938
	61,400			Guardant Health, Inc. (a)			7,625,266
	8,329			IDEXX Laboratories, Inc. (a)			5,260,180
							14,388,384
				Health Care Providers & Services – 0.2%
	148,148			InnovaCare, Inc. Escrow Shares (Restricted)  (a)(b)			93,274
	5,822			Medpace Holdings, Inc. (a)			1,028,340
							1,121,614
				Healthcare Services – 1.4%
	82,070			Syneos Health, Inc. (a)			7,344,444
				Life Sciences Tools & Services – 6.5%
	121,513			Adaptive Biotechnologies Corp. (a)			4,965,021
	58,763			Illumina, Inc. (a)			27,807,239
	58,816			Personalis, Inc. (a)			1,488,045
							34,260,305
				Pharmaceuticals – 9.1%
	34,619			Arvinas, Inc. (a)			2,665,663
	127,109			Aurinia Pharmaceuticals, Inc. (a)(c)			1,647,333
	29,100			Endo International plc (a)(c)			136,188
	218,840			Horizon Therapeutics plc (a)			20,492,178
	67,908			Intra-Cellular Therapies, Inc. (a)			2,772,004
	25,203			Jazz Pharmaceuticals plc (a)			4,477,061
	4,060			Madrigal Pharmaceuticals, Inc. (a)			395,485
	28,691			Mirati Therapeutics, Inc. (a)			4,634,457
	12,440			Reata Pharmaceuticals, Inc. (a)			1,760,633
	34,880			Spectrum Pharmaceuticals, Inc. (a)			130,800
	14,218			Tetraphase Pharmaceuticals, Inc. CVR (a)			1,564
	203,894			Theravance Biopharma, Inc. (a)(c)			2,960,541
	41,021			Turning Point Therapeutics, Inc. (a)			3,200,458
	315,800			Verona Pharma plc ADR (a)			2,065,332
	371,622			Verona Pharma plc Warrants (expiration 04/27/22, exercise price $2.86) (a)(b)(c)			925
	40,620			VYNE Therapeutics, Inc. (a)(d)			142,576
	37,281			Zogenix, Inc. (a)			644,216
							48,127,414

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

Tekla Life Sciences Investors 

SCHEDULE OF INVESTMENTS 

June 30, 2021 

(Unaudited, continued)

SHARES				Special Purpose Acquisition Company – 0.1%		VALUE
	78,403			Helix Acquisition Corp. (a)		$	809,903
				TOTAL COMMON STOCKS AND WARRANTS (Cost $336,025,378)			487,923,134

PRINCIPAL AMOUNT				SHORT-TERM INVESTMENTS - 3.1% of Net Assets
$	6,475,000			Repurchase Agreement, Fixed Income Clearing Corp., repurchase value $6,475,000, 0.00%, dated 06/30/21, due 07/01/21 (collateralized by U.S. Treasury Note 1.25%, due 06/30/28, market value $6,604,525)			6,475,000

SHARES
	9,645,850			State Street Institutional U.S. Government Money Market Fund, Institutional Class, 0.03% (e)			9,645,850
				TOTAL SHORT-TERM INVESTMENTS (Cost $16,120,850)			16,120,850
				TOTAL INVESTMENTS BEFORE MILESTONE INTERESTS - 100.9% (Cost $383,814,035)			534,972,398

	INTERESTS			MILESTONE INTERESTS (Restricted)(a)(b) - 1.3% of Net Assets
				Biotechnology – 0.1%
	1			Therachon Milestone Interest			586,186
				Health Care Equipment & Supplies – 0.0%
	1			Therox Milestone Interest			1,321
				Pharmaceuticals – 1.2%
	1			Afferent Milestone Interest			316,968
	1			Ethismos Research Milestone Interest			0
	1			Impact Biomedicines Milestone Interest			1,653,716
	1			Neurovance Milestone Interest			4,287,523
							6,258,207
				TOTAL MILESTONE INTERESTS (Cost $4,602,125)			6,845,714
				TOTAL INVESTMENTS - 102.2% (Cost $388,416,160)			541,818,112
				OTHER LIABILITIES IN EXCESS OF ASSETS - (2.2)%			(11,498,276	)
				NET ASSETS - 100%		$	530,319,836

(a)	Non-income producing security.
(b)	Security fair valued using significant unobservable inputs. See Investment Valuation and Fair Value Measurements.
(c)	Foreign security.
(d)	All or a portion of this security is on loan as of June 30, 2021.
(e)	This security represents the investment of cash collateral received for securities lending and is a registered investment company advised by State Street Global Advisors. The rate shown is the annualized seven-day yield as of June 30, 2021.
ADR	American Depository Receipt
CVR	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, 2021

(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, 2021, the cost of securities for Federal income tax purposes was $388,416,160. The net unrealized gain on securities held by the Fund was $153,401,952, including gross unrealized gain of $193,852,532 and gross unrealized loss of $40,450,580.

Security Lending

The Fund may lend its securities to approved borrowers to earn additional income. The Fund receives cash collateral from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its cash collateral in State Street Institutional U.S. Government Money Market Fund (SAHXX), which is registered with the Securities and Exchange Commission (SEC) as an investment company. SAHXX invests substantially all of its assets in the State Street U.S. Government Money Market Portfolio. The Fund will receive the benefit of any gains and bear any losses generated by SAHXX with respect to the cash collateral.

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

Tekla Life Sciences Investors

NOTES TO SCHEDULE OF INVESTMENTS
June 30, 2021

(Unaudited, continued)

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

As of June 30, 2021, the Fund loaned securities valued at $9,628,290 and received $9,645,850 of cash collateral.

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, 2021, the total amount of transfers between Level 3 and Level 2 was $693,356. The one investment was transferred due to an initial public offering lockup period and the value is being supported by significant observable inputs. There were no other transfers between levels.

The following is a summary of the levels used as of June 30, 2021 to value the Fund’s net assets.

Assets at Value		Level 1				Level 2				Level 3				Total
Convertible Preferred
Biotechnology		$	-			$	-			$	21,720,122			$	21,720,122
Health Care Equipment& Supplies			-				-				1,408,293				1,408,293
Pharmaceuticals			-				-				7,799,999				7,799,999
Common Stocks and Warrants
Biotechnology			380,359,775				1,511,157				138				381,871,070
Health Care Equipment& Supplies			12,885,446				-				1,502,938				14,388,384
Health Care Providers& Services			1,028,340				-				93,274				1,121,614
Healthcare Services			7,344,444				-				-				7,344,444
Life Sciences Tools& Services			34,260,305				-				-				34,260,305
Pharmaceuticals			48,124,925				1,564				925				48,127,414
Special Purpose Acquisition Company			809,903				-				-				809,903
Short-term Investments			9,645,850				6,475,000				-				16,120,850
Milestone Interests
Biotechnology			-				-				586,186				586,186
Health Care Equipment& Supplies			-				-				1,321				1,321
Pharmaceuticals			-				-				6,258,207				6,258,207
Other Assets			-				-				80,325				80,325
Total		$	494,458,988			$	7,987,721			$	39,451,728			$	541,898,437

Tekla Life Sciences Investors

NOTES TO SCHEDULE OF INVESTMENTS
June 30, 2021

(Unaudited, continued)

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

Investment in securities		Balance as of September 30, 2020				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, 2021
Convertible Preferred
Biotechnology		$	15,928,255			$	7,928,336			$	8,649,762			$	(10,389,125	)		$	(397,106	)		$	21,720,122
Health Care Equipment & Supplies			1,397,369				10,924				-				-				-				1,408,293
Pharmaceuticals			2,999,999				(5,720	)			4,805,720				-				-				7,799,999
Convertible Notes
Biotechnology			295,378				(195,698	)			-				(99,680	)			-				-
Common Stocks and Warrants
Biotechnology			329,220				(28,015	)			-				(4,817	)			(296,250	)			138
Health Care Equipment & Supplies			1,331,737				171,201				-				-				-				1,502,938
Health Care Providers & Services			105,467				19,407				-				(31,600	)			-				93,274
Pharmaceuticals			49,631				(48,706	)			-				-				-				925
Milestone Interests
Biotechnology			1,515,794				(537,500	)			-				(392,108	)			-				586,186
Health Care Equipment & Supplies			3,407				(2,086	)			-				-				-				1,321
Pharmaceuticals			7,711,391				(1,453,184	)			-				-				-				6,258,207
Other Assets			91,662				-				79,754				(91,091	)			-				80,325
		$	31,759,310			$	5,858,959			$	13,535,236			$	(11,008,421	)		$	(693,356	)		$	39,451,728
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2021																						$	(1,449,571	)

Tekla Life Sciences Investors

NOTES TO SCHEDULE OF INVESTMENTS
June 30, 2021

(Unaudited, continued)

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, 2021				Valuation Technique		Unobservable Input		Range (Weighted Average)
Common Stock and Warrants		$	1,503,863			Income approach, Black-Scholes		Discount for lack of marketability		20.00%-50.00%(20.00%)
			93,274			Probability adjusted value		Probability of events Timing of events		20.00% (20.00%) 0.75-2.75 (1.75) years
			138			Market approach		(a)		N/A
Convertible Preferred			32,570			Probability adjusted value		Probability of events Timing of events		50.00% (50.00%) 0.25 (0.25) years
			19,813,880			Market approach		(a)		N/A
			11,081,964			Recent transaction		(b)		N/A
Milestone Interest			6,845,714			Probability adjusted value		Probability of events Timing of events		11.00%-100.00% (74.73%) 0.75-15.75 (4.61) years
Other Assets			80,325			Probability adjusted value		Probability of events Timing of events		20.00%-95.00% (20.54%) 0.25-6.50 (0.29) years
		$	39,451,728

(a) There is no quantitative information to provide as these methods of measure are investment specific.

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

Private Companies and Other Restricted Securities

The Fund may invest in private companies and other restricted securities if these securities would currently comprise 40% or less of net assets. The value of these securities represented 8% of the Fund’s net assets at June 30, 2021.

At June 30, 2021, the Fund had a commitment of $1,974,044 relating to additional investments in two private companies.

Tekla Life Sciences Investors

NOTES TO SCHEDULE OF INVESTMENTS
June 30, 2021

(Unaudited, continued)

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, 2021. 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			$	316,968.00			$	316,968
Amphivena Therapeutics, Inc.
Series B Cvt. Pfd		07/17/17				2,101,250				15.00				2,100,000
Series C Cvt. Pfd		12/10/18				808,893				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
BioTheryX, Inc. Series E Cvt. Pfd		05/19/21				3,203,079				5.25				3,200,001
Caribou Biosciences, Inc. Series C Cvt. Pfd		03/01/21				1,367,325				17.26				1,365,012
Cercacor Laboratories, Inc. Common		03/31/98	†			0				11.56				1,502,938
Curasen Therapeutics, Inc. Series A Cvt. Pfd		09/18/18, 01/07/20				2,999,999				0.48				2,999,999
Dynacure Series C Cvt. Pfd		04/21/20, 10/28/20				2,468,910				25.16				2,608,631
Ethismos Research Milestone Interest		10/31/17				0				0.00				0
HiberCell, Inc. Series B Cvt. Pfd		05/05/21				1,602,641				1.23				1,599,999
Hotspot Therapeutics, Inc. Series B Cvt. Pfd		04/22/20, 06/17/21				3,100,003				2.40				3,100,003
ImmuneID, Inc. Series A Cvt. Pfd		04/28/21				960,000				2.00				960,000
Impact Biomedicines Milestone Interest		07/20/10				0				1,653,716.00				1,653,716
InnovaCare, Inc. Escrow Shares Common		12/21/12	†			64,073				0.63				93,274
Invetx, Inc. Series A Cvt. Pfd		08/06/20				1,550,000				0.48				1,550,000
IO Light Holdings, Inc. Series A2 Cvt. Pfd		04/30/20	†			1,394,759				3.45				1,408,293
Neurovance Milestone Interest		03/20/17				3,417,500				4,287,523.00				4,287,523
Oculis SA
Series B2 Cvt. Pfd		01/16/19				990,902				10.64				1,252,371
Series C Cvt. Pfd		04/07/21				340,203				10.64				340,203
Priothera Ltd. Series A Cvt. Pfd		10/07/20				483,215				11.86				486,952
Pyxis Oncology, Inc. Series B Cvt. Pfd		03/05/21				1,922,358				1.65				1,920,000
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				0.16				109,759
Rallybio Holdings, LLC Series B Cvt. Pfd		03/27/20				3,105,343				1.39				3,100,044
Therachon Milestone Interest		07/01/19				1,017,671				586,186.00				586,186
Therox Milestone Interest		06/18/19				5,082				1,321.00				1,321
Vectivbio Holding AG Common		07/01/19, 04/09/21	†			691,539				10.49				1,511,157
					$	37,025,544							$	40,881,497

(#)		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.