# EDGAR Filing Document

**Accession Number:** 0000805267
**File Stem:** 0001410368-25-032524
**Filing Date:** 2025-11
**Character Count:** 57505
**Document Hash:** 816f514f087c369601c517bee180c75b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032524.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032524

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn Healthcare Investors
- **CENTRAL INDEX KEY:** 0000805267

**ORGANIZATION NAME:**
- **EIN:** 046564285
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04889
- **FILM NUMBER:** 251529426

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 6177728515

**MAIL ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TEKLA HEALTHCARE INVESTORS
- **DATE OF NAME CHANGE:** 20141015

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** H&Q HEALTHCARE INVESTORS
- **DATE OF NAME CHANGE:** 19920703

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** abrdn Healthcare Investors

- **b. Investment Company Act file number:** 811-04889

- **c. CIK number of Registrant:** 0000805267

- **d. LEI of Registrant:** 549300SNASESIFOS6V75

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1900 Market Street

  - **City:** PHILADELPHIA

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19103

  - **Telephone number:** 215-405-5700

**Item A.2. Information about the Series.**

- **a. Name of Series:** abrdn Healthcare Investors

- **c. LEI of Series:** 549300SNASESIFOS6V75

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1095404212.01

**Total Liabilities:** $2608113.84

**Net Assets:** $1092796098.17

**Cash Not Reported:** $58.70

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.03%                | 8.95%                | 11.61%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1240985.22              | $11854751.10                               |
| Month 2  | $-14534671.93            | $60833315.79                               |
| Month 3  | $-4896520.19             | $120499847.88                              |

### Schedule of Portfolio Investments

| Name                           | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ionis Pharmaceuticals Inc      | Ionis Pharmaceuticals Inc                                    | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |     44059 | NS      | $2882339.78   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| TScan Therapeutics Inc         | TScan Therapeutics Inc                                       | CUSIP: 89854M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    514019 | NS      | $935514.58    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR BIOTECHNOLOGIES          | ARBOR BIOTECHNOLOGIES                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     82076 | NS      | $1359999.32   | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Options Clearing Corp.         | ASCENDIS PHARMA A/S                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | DK        |       -70 | NC      | $-23590.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc  | Arrowhead Pharmaceuticals Inc                                | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |    307633 | NS      | $10610262.17  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.         | GRAIL INC                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -200 | NC      | $-207400.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals Inc     | Rhythm Pharmaceuticals Inc                                   | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |     15073 | NS      | $1522222.27   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc    | Alnylam Pharmaceuticals Inc                                  | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     55209 | NS      | $25175304.00  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                    | BioNTech SE                                                  | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |    156035 | NS      | $15388171.70  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Newamsterdam Pharma Co NV      | Newamsterdam Pharma Co NV                                    | CUSIP: 000000000<br>LEI: 984500B6549TF6E14D36 | Long             | EC               | CORP              | NL        |    276584 | NS      | $7866048.96   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc     | Vertex Pharmaceuticals Inc                                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     70373 | NS      | $27560881.72  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| INVETX MILESTONE INTEREST      | INVETX MILESTONE INTEREST                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     31195 | NS      | $3243635.30   | 0.30%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      7554 | NS      | $2608396.20   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ABCURO INC.                    | ABCURO INC.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    117926 | NS      | $712119.74    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HOTSPOT THERAPEUTICS, INC.     | HOTSPOT THERAPEUTICS, INC.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    632394 | NS      | $2049525.71   | 0.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INCENDIA THERAPEUTICS, INC.    | INCENDIA THERAPEUTICS, INC.                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    547370 | PA      | $547370.44    | 0.05%             | 2026-09-09      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| Merus NV                       | Merus NV                                                     | CUSIP: 000000000<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |    103372 | NS      | $9732473.80   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ARKUDA THERAPEUTICS, INC.      | ARKUDA THERAPEUTICS, INC.                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1044322 | NS      | $375016.03    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     46238 | NS      | $10705946.52  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.         | BIONTECH SE                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | DE        |       -94 | NC      | $-9400.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ARKUDA THERAPEUTICS,INC SER A. | ARKUDA THERAPEUTICS,INC SER A.                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2353932 | NS      | $948869.99    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CURASEN THERAPEUTICS CONV PN   | CURASEN THERAPEUTICS CONV PN                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1029195 | PA      | $1029194.96   | 0.09%             | 2026-03-31      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| Options Clearing Corp.         | ARGENX SE                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | NL        |       -13 | NC      | $-11245.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.         | CIDARA THERAPEUTICS INC                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -185 | NC      | $-352425.00   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc                                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      7923 | NS      | $3842813.46   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA CHINOOK THERAPE         | CONTRA CHINOOK THERAPE                                       | CUSIP: 169CVR016<br>LEI: 549300X0O3003W5QYQ48 | N/A              | DE               |  | US        |     91800 | NS      | $29376.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GRAIL Inc                      | GRAIL Inc                                                    | CUSIP: 384747101<br>LEI: 2549009XSNESW3VE8024 | Long             | EC               | CORP              | US        |    181466 | NS      | $10730084.58  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc    | BioMarin Pharmaceutical Inc                                  | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |    433273 | NS      | $23466065.68  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Geron Corp                     | Geron Corp                                                   | CUSIP: 374163103<br>LEI: 549300T282D7Z2YESL90 | Long             | EC               | CORP              | US        |   3629818 | NS      | $4972850.66   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| IO LIGHT HOLDINIGS, INC.       | IO LIGHT HOLDINIGS, INC.                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    421634 | NS      | $42.16        | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CRYSTALYS THERAPEUTICS SER A   | CRYSTALYS THERAPEUTICS SER A                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2328492 | NS      | $2332799.71   | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AMOLYT MILESTONE               | AMOLYT MILESTONE                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15982 | NS      | $2516697.98   | 0.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Tectonic Therapeutic Inc       | Tectonic Therapeutic Inc                                     | CUSIP: 878972108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    240675 | NS      | $3776190.75   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Tandem Diabetes Care Inc       | Tandem Diabetes Care Inc                                     | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |    292029 | NS      | $3545232.06   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp  | Adaptive Biotechnologies Corp                                | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |    697421 | NS      | $10433418.16  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc       | Travere Therapeutics Inc                                     | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    665607 | NS      | $15908007.30  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| QUELL THERAPEUTICS             | QUELL THERAPEUTICS                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1798941 | NS      | $3739998.34   | 0.34%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Palvella Therapeutics Inc      | Palvella Therapeutics Inc                                    | CUSIP: 697947109<br>LEI: 254900AJDH8PAOOI5T33 | Long             | EC               | CORP              | US        |     35018 | NS      | $2195278.42   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.         | DANAHER CORP                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -76 | NC      | $-33440.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Afferent Milestone Interest    | AFFERENT MILESTONE INTEREST                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26208 | NS      | $0.03         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                                                | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    141255 | NS      | $13453126.20  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMUNIC INC.                   | IMMUNIC INC.                                                 | CUSIP: 000000000<br>LEI: 549300R5T12FW5MEQB20 | N/A              | DE               |  | US        |   5247245 | NS      | $690537.44    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| RECODE THERAPEUTICS            | RECODE THERAPEUTICS                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    331413 | NS      | $3060002.51   | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ETHISMOS RESEARCH, INC. MILEST | ETHISMOS RESEARCH, INC. MILEST                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1180 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RECODE THERAPEUTICS, INC.      | RECODE THERAPEUTICS, INC.                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |    161371 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| INCENDIA THERAPEUTICS, INC.    | INCENDIA THERAPEUTICS, INC.                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1569230 | PA      | $1569230.00   | 0.14%             | 2026-04-18      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| HIBERCELL,INC. SERIES C        | HIBERCELL,INC. SERIES C                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1529261 | NS      | $708965.40    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ascendis Pharma A/S            | Ascendis Pharma A/S                                          | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     29241 | NS      | $5813403.21   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                     | Zoetis Inc                                                   | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     64019 | NS      | $9367260.08   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA FUSION PHARMACE         | CONTRA FUSION PHARMACE                                       | CUSIP: 361CVR012<br>LEI: N/A                  | N/A              | DE               |  | CA        |      7593 | NS      | $10478.34     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Boston Scientific Corp         | Boston Scientific Corp                                       | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     81310 | NS      | $7938295.30   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     23761 | NS      | $7677654.32   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc    | Inspire Medical Systems Inc                                  | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |    156787 | NS      | $11633595.40  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunic Inc                    | Immunic Inc                                                  | CUSIP: 4525EP101<br>LEI: 549300R5T12FW5MEQB20 | Long             | EC               | CORP              | US        |   4738771 | NS      | $4177700.51   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EyePoint Pharmaceuticals Inc   | EyePoint Pharmaceuticals Inc                                 | CUSIP: 30233G209<br>LEI: 549300QE1RU34T50MR69 | Long             | EC               | CORP              | US        |    520522 | NS      | $7412233.28   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp                                                 | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |     14645 | NS      | $4521350.85   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co          | Becton Dickinson & Co                                        | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     58286 | NS      | $10909390.62  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.         | BECTON DICKINSON + CO                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -78 | NC      | $-17784.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.         | BIOMARIN PHARMACEUTICAL INC                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -257 | NC      | $-15420.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| InspireMD Inc                  | InspireMD Inc                                                | CUSIP: 45779A846<br>LEI: 549300OQ16IJ5DIS5D30 | Long             | EC               | CORP              | US        |   1219960 | NS      | $2940103.60   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMUNIC INC.                   | IMMUNIC INC.                                                 | CUSIP: 000000000<br>LEI: 549300R5T12FW5MEQB20 | N/A              | DE               |  | US        |   5247245 | NS      | $690537.44    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| HIBERCELL, INC. SERIES B       | HIBERCELL, INC. SERIES B                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2773472 | NS      | $1103009.81   | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                              | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    114076 | NS      | $8751910.72   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Incendia Therapeutics, Inc.    | Incendia Therapeutics, Inc.                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1769383 | NS      | $3399993.29   | 0.31%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Structure Therapeutics Inc     | Structure Therapeutics Inc                                   | CUSIP: 86366E106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    381989 | NS      | $10695692.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp          | Twist Bioscience Corp                                        | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |    209543 | NS      | $5896540.02   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NUVIG THERAPEUTICS, INC        | NUVIG THERAPEUTICS, INC                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1644892 | NS      | $1724998.24   | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                                              | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    119183 | NS      | $8985206.37   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Aquestive Therapeutics Inc     | Aquestive Therapeutics Inc                                   | CUSIP: 03843E104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    428840 | NS      | $2397215.60   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Denali Therapeutics Inc        | Denali Therapeutics Inc                                      | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |    636019 | NS      | $9234995.88   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                   | Illumina Inc                                                 | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     77288 | NS      | $7340041.36   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Sutro Biopharma Inc            | Sutro Biopharma Inc                                          | CUSIP: 869367102<br>LEI: 5493005U6P15VD25P851 | Long             | EC               | CORP              | US        |     69389 | NS      | $60257.41     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.         | BRISTOL-MYERS SQUIBB CO                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -217 | NC      | $-6510.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ABCURO, INC.                   | ABCURO, INC.                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    532816 | NS      | $2925000.00   | 0.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sionna Therapeutics Inc        | Sionna Therapeutics Inc                                      | CUSIP: 829401108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    661270 | NS      | $19447950.70  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ENDEAVOR BIOMEDICINES INC.     | ENDEAVOR BIOMEDICINES INC.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    121377 | NS      | $791936.37    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Akero Therapeutics Inc         | Akero Therapeutics Inc                                       | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |    324750 | NS      | $15419130.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.         | ARROWHEAD PHARMACEUTICALS INC                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -563 | NC      | $-92895.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc            | Guardant Health Inc                                          | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     75303 | NS      | $4704931.44   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempus AI Inc                  | Tempus AI Inc                                                | CUSIP: 88023B103<br>LEI: 2549009LA0KWRAGQBX50 | Long             | EC               | CORP              | US        |     99921 | NS      | $8064623.91   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc        | Axsome Therapeutics Inc                                      | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |     55429 | NS      | $6731852.05   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc            | Krystal Biotech Inc                                          | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |     43130 | NS      | $7613738.90   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| HOTSPOT THERAPEUTICS, INC.     | HOTSPOT THERAPEUTICS, INC.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2875000 | NS      | $6900000.00   | 0.63%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Oculis Holding AG              | Oculis Holding AG                                            | CUSIP: 000000000<br>LEI: 5067005370C2KK324336 | Long             | EC               | CORP              | CH        |    407012 | NS      | $7216322.76   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                                       | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     26558 | NS      | $11877534.34  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                                                    | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |    118123 | NS      | $33334310.60  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ideaya Biosciences Inc         | Ideaya Biosciences Inc                                       | CUSIP: 45166A102<br>LEI: 549300ULW08F62IJML11 | Long             | EC               | CORP              | US        |    344524 | NS      | $9374498.04   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ENDEAVOR BIOMEDICINES, INC.    | ENDEAVOR BIOMEDICINES, INC.                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    657322 | NS      | $3099996.28   | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Avidity Biosciences Inc        | Avidity Biosciences Inc                                      | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    158583 | NS      | $6909461.31   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| HOTSPOT THERAPEUTICS, INC.     | HOTSPOT THERAPEUTICS, INC.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    720872 | PA      | $720871.66    | 0.07%             | 2026-04-10      | Fixed         | 6.00%                 | Yes           |                  3 | On Loan: No      |
| ATALANTA THERAPEUTICS          | ATALANTA THERAPEUTICS                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1777778 | NS      | $3200000.40   | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                                          | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    153748 | NS      | $20593007.12  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors   | State Street Institutional U.S. Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  15607345 | NS      | $15607344.72  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                    | Vaxcyte Inc                                                  | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |    492580 | NS      | $17742731.60  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.         | TEMPUS AI INC                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -150 | NC      | $-29250.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HIBERCELL INC.                 | HIBERCELL INC.                                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |   5487525 | NS      | $5.49         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nuvalent Inc                   | Nuvalent Inc                                                 | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42867 | NS      | $3707138.16   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc      | Xenon Pharmaceuticals Inc                                    | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |    367341 | NS      | $14748741.15  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ENGRAIL THERAPEUTICS INC. SERI | ENGRAIL THERAPEUTICS INC. SERI                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   4768649 | NS      | $5049999.29   | 0.46%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Options Clearing Corp.         | SAREPTA THERAPEUTICS INC                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -740 | NC      | $-25900.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BIOTHERYX, INC. SERIES E       | BIOTHERYX, INC. SERIES E                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1295238 | NS      | $736213.28    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONTRA SPECTRUM PHARMA         | CONTRA SPECTRUM PHARMA                                       | CUSIP: 847CVR016<br>LEI: 549300COU30WSP3O5I07 | N/A              | DE               |  | US        |     79790 | NS      | $0.08         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dexcom Inc                     | Dexcom Inc                                                   | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     86217 | NS      | $5801541.93   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| QLARIS BIO, INC.               | QLARIS BIO, INC.                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   4394904 | NS      | $3449999.64   | 0.32%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEUROVANCE MILESTONE INTEREST  | NEUROVANCE MILESTONE INTEREST                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49006 | NS      | $16077437.79  | 1.47%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Jazz Pharmaceuticals PLC       | Jazz Pharmaceuticals PLC                                     | CUSIP: 000000000<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |     50964 | NS      | $6717055.20   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| LENZ Therapeutics Inc          | LENZ Therapeutics Inc                                        | CUSIP: 52635N103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91389 | NS      | $4256899.62   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewise Therapeutics Inc      | Edgewise Therapeutics Inc                                    | CUSIP: 28036F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    356587 | NS      | $5783841.14   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc          | Molina Healthcare Inc                                        | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |     37834 | NS      | $7239914.24   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc       | Sarepta Therapeutics Inc                                     | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |    826103 | NS      | $15919004.81  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                      | Argenx SE                                                    | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     36398 | NS      | $26845708.88  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CURASEN THERAPEUTICS, INC.     | CURASEN THERAPEUTICS, INC.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  21114774 | NS      | $10124534.13  | 0.93%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FLAMINGO THERAPEUTICS INC      | FLAMINGO THERAPEUTICS INC                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | FR        |    243458 | NS      | $327277.67    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AVICEDA THERAPEUTICS           | AVICEDA THERAPEUTICS                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     86599 | NS      | $498792.92    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc  | Ultragenyx Pharmaceutical Inc                                | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |    624540 | NS      | $18786163.20  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                     | Insmed Inc                                                   | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |    133612 | NS      | $19241464.12  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcus Biosciences Inc          | Arcus Biosciences Inc                                        | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    137136 | NS      | $1865049.60   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co Inc       | Acadia Healthcare Co Inc                                     | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |    158106 | NS      | $3914704.56   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcutis Biotherapeutics Inc    | Arcutis Biotherapeutics Inc                                  | CUSIP: 03969K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    456927 | NS      | $8613073.95   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Vir Biotechnology Inc          | Vir Biotechnology Inc                                        | CUSIP: 92764N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    973173 | NS      | $5556817.83   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                   | Vericel Corp                                                 | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |    241950 | NS      | $7614166.50   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| GLYCOMINE, INC.                | GLYCOMINE, INC.                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   6584840 | NS      | $3950904.00   | 0.36%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CURASEN THERAPEUTICS, INC.     | CURASEN THERAPEUTICS, INC.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   3219587 | NS      | $1543791.97   | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SEISMIC THERAPEUTICS, INC.     | SEISMIC THERAPEUTICS, INC.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    647722 | NS      | $2924983.01   | 0.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Abivax SA                      | Abivax SA                                                    | CUSIP: 00370M103<br>LEI: 969500D8TMNB184OJU95 | Long             | EC               | CORP              | FR        |    109000 | NS      | $9254100.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp          | Tenet Healthcare Corp                                        | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     11261 | NS      | $2286433.44   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc     | Neurocrine Biosciences Inc                                   | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     62060 | NS      | $8711982.80   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR BIOTECHNOLOGIES          | ARBOR BIOTECHNOLOGIES                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    827250 | NS      | $3399997.50   | 0.31%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Crinetics Pharmaceuticals Inc  | Crinetics Pharmaceuticals Inc                                | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |    208197 | NS      | $8671405.05   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| THIRD ARC BIO, INC             | THIRD ARC BIO, INC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1853436 | NS      | $3900000.03   | 0.36%             |  |  |  | Yes           |                  3 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                                                | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      2045 | NS      | $1579844.30   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana Inc                                                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     47510 | NS      | $12360676.70  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIOTHERA LIMITED              | PRIOTHERA LIMITED                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | IE        |    346666 | NS      | $40.70        | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cytokinetics Inc               | Cytokinetics Inc                                             | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |    429845 | NS      | $23624281.20  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                                                 | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     60739 | NS      | $12042114.14  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc  | Regeneron Pharmaceuticals Inc                                | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     41838 | NS      | $23524252.26  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHIVENA MILESTONE INTEREST   | AMPHIVENA MILESTONE INTEREST                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       100 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Summit Therapeutics Inc        | Summit Therapeutics Inc                                      | CUSIP: 86627T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    745674 | NS      | $15405624.84  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.         | CYTOKINETICS INC                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -269 | NC      | $-71285.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Immunovant Inc                 | Immunovant Inc                                               | CUSIP: 45258J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    650869 | NS      | $10492008.28  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.         | GRAIL INC                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -140 | NC      | $-148120.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| HIBERCELL, INC.                | HIBERCELL, INC.                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    439002 | PA      | $439002.00    | 0.04%             | 2025-12-31      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| HIBERCELL, INC. SERIES C       | HIBERCELL, INC. SERIES C                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |   1529261 | NS      | $1.53         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Personalis Inc                 | Personalis Inc                                               | CUSIP: 71535D106<br>LEI: 549300EZ2NYFK7H0US48 | Long             | EC               | CORP              | US        |   1313531 | NS      | $8564222.12   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                   | Alkermes PLC                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     82930 | NS      | $2487900.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     74337 | NS      | $6239104.41   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Codexis Inc                    | Codexis Inc                                                  | CUSIP: 192005106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2504728 | NS      | $6111536.32   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                                               | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     29564 | NS      | $22557332.00  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| uniQure NV                     | uniQure NV                                                   | CUSIP: 000000000<br>LEI: 724500RPCTZLFYJZ3S98 | Long             | EC               | CORP              | NL        |   1432300 | NS      | $83603351.00  | 7.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cidara Therapeutics Inc        | Cidara Therapeutics Inc                                      | CUSIP: 171757206<br>LEI: 549300IHQ9Z7RI1X2D22 | Long             | EC               | CORP              | US        |    121218 | NS      | $11607835.68  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RECODE THERAPEUTICS, INC.      | RECODE THERAPEUTICS, INC.                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    161370 | PA      | $161370.49    | 0.01%             | 2027-03-23      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Willow Laboratories Inc.       | Willow Laboratories Inc.                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    160000 | NS      | $16.00        | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co                                      | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     31852 | NS      | $1436525.20   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sera Prognostics Inc           | Sera Prognostics Inc                                         | CUSIP: 81749D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1145722 | NS      | $3505909.32   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc        | ARS Pharmaceuticals Inc                                      | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1258342 | NS      | $12646337.10  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Xencor Inc                     | Xencor Inc                                                   | CUSIP: 98401F105<br>LEI: 549300V5IF65437JKG30 | Long             | EC               | CORP              | US        |    300730 | NS      | $3527562.90   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMUNIC INC.                   | IMMUNIC INC.                                                 | CUSIP: 000000000<br>LEI: 549300R5T12FW5MEQB20 | N/A              | DE               |  | US        |   5247245 | NS      | $4625971.19   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                                          | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    153299 | NS      | $17016189.00  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Janux Therapeutics Inc         | Janux Therapeutics Inc                                       | CUSIP: 47103J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    252161 | NS      | $6162814.84   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** abrdn Healthcare Investors

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer