# EDGAR Filing Document

**Accession Number:** 0000805267
**File Stem:** 0001752724-23-039744
**Filing Date:** 2023-2
**Character Count:** 91280
**Document Hash:** 5e398127ea04fcb4af384b2a0132040e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-039744.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-039744

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TEKLA HEALTHCARE INVESTORS
- **CENTRAL INDEX KEY:** 0000805267
- **IRS NUMBER:** 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:** 23665981

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

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

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

## Nport-Ex

**<u>Tekla Healthcare Investors</u>**

**SCHEDULE OF INVESTMENTS**

*December 31, 2022*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **SHARES** | **CONVERTIBLE PREFERREDS (Restricted)<sup>(a)(b)</sup> – 7.1% of Net Assets** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;***Biotechnology – 4.4%*** |  |
| 82076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Biotechnologies Series B, 8.00% | $1359999 |
| 2353932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkuda Therapeutics, Inc. Series A, 6.00% <sup>(c)</sup> | 4162222 |
| 487526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkuda Therapeutics, Inc. Series B, 6.00% <sup>(c)</sup> | 862043 |
| 602572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynacure Series C <sup>(d)</sup> | 1873792 |
| 2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotspot Therapeutics, Inc. Series B, 6.00% | 9317587 |
| 632394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotspot Therapeutics, Inc. Series C, 6.00% | 2049526 |
| 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ImmuneID, Inc. Series A, 8.00% | 2040000 |
| 7187500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invetx, Inc. Series A, 8.00% <sup>(c)</sup> | 4816344 |
| 3089091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invetx, Inc. Series B, 8.00% <sup>(c)</sup> | 2070000 |
| 277444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oculis SA Series B2, 6.00% <sup>(d)</sup> | 2952004 |
| 75367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oculis SA Series C, 6.00% <sup>(d)</sup> | 801905 |
| 528339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parthenon Therapeutics, Inc. Series A | 2092307 |
| 346666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Priothera Ltd. Series A, 6.00% <sup>(c)</sup> | 3710884 |
| 1553631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quell Therapeutics Series B <sup>(d)</sup> | 2936363 |
| 294589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReCode Therapeutics Series B, 5.00% | 2719999 |
|  |  | 43764975 |
|  | &nbsp;&nbsp;&nbsp;***Health Care Equipment & Supplies – 0.1%*** |  |
| 421634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IO Light Holdings, Inc. Series A2 | 1423015 |
|  | &nbsp;&nbsp;&nbsp;***Pharmaceuticals – 2.6%*** |  |
| 616645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aristea Therapeutics, Inc. Series B, 8.00% | 3399996 |
| 1295238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotheryx, Inc. Series E, 8.00% | 6800000 |
| 18203119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curasen Therapeutics, Inc. Series A <sup>(c)</sup> | 8728396 |
| 657322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endeavor Biomedicines, Inc. Series B, 8.00% | 3099996 |
| 2773472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HiberCell, Inc. Series B | 3399999 |
|  |  | 25428387 |
|  | **TOTAL CONVERTIBLE PREFERREDS<br> (Cost $71,803,817)** | 70616377 |
|  | **COMMON STOCKS - 88.1% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;***Biotechnology – 52.3%*** |  |
| 132179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 21361448 |
| 367414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affimed N.V. <sup>(b)(d)</sup> | 455593 |
| 173907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkermes plc <sup>(b)</sup> | 4544190 |
| 92438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. <sup>(b)</sup> | 21967891 |
| 275874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 72455547 |
| 39978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc. <sup>(b)</sup> | 2067262 |
| 86869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc. <sup>(b)</sup> | 1285661 |
| 40621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;argenx SE ADR <sup>(b)</sup> | 15388453 |
| 65953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc. <sup>(b)</sup> | 2675054 |
| 82481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR <sup>(b)(e)</sup> | 10073405 |
| 402717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc. <sup>(b)</sup> | 4623191 |
| 104624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc. <sup>(b)</sup> | 28972478 |
| 14216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biohaven Ltd. <sup>(b)(e)</sup> | 197318 |
| 140951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. <sup>(b)</sup> | 14587019 |
| 66396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioNTech SE ADR | 9974007 |

---

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

**<u>Tekla Healthcare Investors</u>**

**SCHEDULE OF INVESTMENTS**

*December 31, 2022*

*(Unaudited, continued)*

---

| | | |
|:---|:---|:---|
| **SHARES** | &nbsp;&nbsp;&nbsp;***Biotechnology – continued*** | **VALUE** |
| 90404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Diamond Therapeutics, Inc. <sup>(b)(e)</sup> | $162727 |
| 44144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blueprint Medicines Corp. <sup>(b)</sup> | 1933949 |
| 385660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caribou Biosciences, Inc. <sup>(b)</sup> | 2421945 |
| 102322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerevel Therapeutics Holdings, Inc. <sup>(b)</sup> | 3227236 |
| 177992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc. <sup>(b)</sup> | 4949958 |
| 15186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fusion Pharmaceuticals, Inc. <sup>(b)(d)</sup> | 47836 |
| 7593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fusion Pharmaceuticals, Inc. (Restricted) <sup>(a)(b)(d)</sup> | 21526 |
| 200492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G1 Therapeutics, Inc. <sup>(b)</sup> | 1088672 |
| 296462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galera Therapeutics, Inc. <sup>(b)</sup> | 441728 |
| 815795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 70036001 |
| 53885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I-Mab ADR <sup>(b)</sup> | 225239 |
| 103664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc. <sup>(b)</sup> | 3616837 |
| 33437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercept Pharmaceuticals, Inc. <sup>(b)</sup> | 413616 |
| 56499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc. <sup>(b)</sup> | 2133967 |
| 39143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karuna Therapeutics, Inc. <sup>(b)</sup> | 7691599 |
| 198177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kura Oncology, Inc. <sup>(b)</sup> | 2459377 |
| 1063799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mereo Biopharma Group plc ADR <sup>(b)(e)</sup> | 797849 |
| 124772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc. <sup>(b)</sup> | 22411547 |
| 205800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MoonLake Immunotherapeutics AG Class A <sup>(b)</sup> | 2160900 |
| 74216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. <sup>(b)</sup> | 8864359 |
| 2970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NexGel, Inc. <sup>(b)</sup> | 3712 |
| 37188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novavax, Inc. <sup>(b)(e)</sup> | 382293 |
| 51406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. <sup>(b)</sup> | 122346 |
| 154807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precision BioSciences, Inc. <sup>(b)</sup> | 184220 |
| 20132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc. <sup>(b)</sup> | 2214520 |
| 481646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyxis Oncology, Inc. <sup>(b)(e)</sup> | 645406 |
| 755076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rallybio Corp. <sup>(b)</sup> | 4960849 |
| 72092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. <sup>(b)</sup> | 52013657 |
| 63712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc. <sup>(b)</sup> | 8255801 |
| 68117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp. <sup>(b)(e)</sup> | 616459 |
| 68127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagen, Inc. <sup>(b)</sup> | 8755001 |
| 104084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sutro Biopharma, Inc. <sup>(b)</sup> | 840999 |
| 82339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc. <sup>(b)</sup> | 2095528 |
| 262102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc. <sup>(b)</sup> | 5512005 |
| 138057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TScan Therapeutics, Inc. <sup>(b)</sup> | 225033 |
| 44502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc. <sup>(b)</sup> | 2061778 |
| 448264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;uniQure N.V. <sup>(b)(d)</sup> | 10162145 |
| 65672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp. <sup>(b)</sup> | 18262726 |
| 553446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vectivbio Holding AG <sup>(b)</sup> | 4765170 |
| 177485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(b)</sup> | 51254118 |
| 101994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xencor, Inc. <sup>(b)</sup> | 2655924 |
| 27684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zai Lab Ltd. ADR <sup>(b)</sup> | 849899 |
|  |  | 522574974 |
|  | &nbsp;&nbsp;&nbsp;***Health Care Equipment & Supplies – 6.7%*** |  |
| 114588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 12580616 |
| 174859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardiovascular Systems, Inc. <sup>(b)</sup> | 2381580 |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cercacor Laboratories, Inc. (Restricted) <sup>(a)(b)</sup> | 562208 |
| 27319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DexCom, Inc. <sup>(b)</sup> | 3093603 |
| 43827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. <sup>(b)</sup> | 3269932 |

---

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

**<u>Tekla Healthcare Investors</u>**

**SCHEDULE OF INVESTMENTS**

*December 31, 2022*

*(Unaudited, continued)*

---

| | | |
|:---|:---|:---|
| **SHARES** | ***Health Care Equipment & Supplies – continued*** | **VALUE** |
| 261873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. <sup>(b)</sup> | $7122946 |
| 15551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. <sup>(b)</sup> | 6344186 |
| 173058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. <sup>(b)</sup> | 8819036 |
| 29380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | 2283414 |
| 42065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | 10284472 |
| 80863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 10310032 |
|  |  | 67052025 |
|  | &nbsp;&nbsp;&nbsp;***Health Care Providers & Services – 6.1%*** |  |
| 8909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Addus HomeCare Corp. <sup>(b)</sup> | 886356 |
| 22890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. <sup>(b)</sup> | 4987731 |
| 41860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Corp. | 13869892 |
| 51696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contra Zogenix, Inc. CVR <sup>(a)(b)</sup> | 78578 |
| 2644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evelance Health, Inc. | 1356293 |
| 24237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 5815911 |
| 47561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc. <sup>(b)</sup> | 2931660 |
| 10890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | 5577749 |
| 222222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InnovaCare, Inc. Escrow Shares (Restricted) <sup>(a)(b)</sup> | 56422 |
| 6524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. <sup>(b)</sup> | 1385763 |
| 18161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. <sup>(b)</sup> | 5997125 |
| 33532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 17777996 |
|  |  | 60721476 |
|  | ***Healthcare Services – 0.4%*** |  |
| 15929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laboratory Corporation of America Holdings | 3750961 |
|  | &nbsp;&nbsp;&nbsp;***Life Sciences Tools & Services – 3.9%*** |  |
| 216209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp. <sup>(b)</sup> | 1651837 |
| 143346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc. <sup>(b)</sup> | 28984561 |
| 14873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 8190412 |
|  |  | 38826810 |
|  | &nbsp;&nbsp;&nbsp;***Medical Devices and Diagnostics – 2.0%*** |  |
| 15513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(b)</sup> | 3271692 |
| 144489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. <sup>(b)</sup> | 6685506 |
| 10121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | 2686316 |
| 26837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(b)</sup> | 7121198 |
|  |  | 19764712 |
|  | &nbsp;&nbsp;&nbsp;***Pharmaceuticals – 16.7%*** |  |
| 25689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arvinas, Inc. <sup>(b)</sup> | 878821 |
| 494952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 33557746 |
| 189716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 13650066 |
| 51829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 18961121 |
| 465507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endo International plc <sup>(b)</sup> | 32958 |
| 241500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horizon Therapeutics plc <sup>(b)</sup> | 27482700 |
| 120019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intra-Cellular Therapies, Inc. <sup>(b)</sup> | 6351405 |
| 17633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. <sup>(b)</sup> | 3612825 |
| 105172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc <sup>(b)</sup> | 16754951 |
| 93399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 16498933 |
| 19916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 7470890 |
| 71668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 7951565 |
| 42638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirati Therapeutics, Inc. <sup>(b)</sup> | 1931928 |

---

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

**<u>Tekla Healthcare Investors</u>**

**SCHEDULE OF INVESTMENTS**

*December 31, 2022*

*(Unaudited, continued)*

---

| | | |
|:---|:---|:---|
| **SHARES** | ***Pharmaceuticals – continued*** | **VALUE** |
| 7050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo Co. plc | $240335 |
| 108913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 5580702 |
| 79790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Pharmaceuticals, Inc. <sup>(b)</sup> | 29403 |
| 28747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetraphase Pharmaceuticals, Inc. CVR <sup>(a)(b)</sup> | 1725 |
| 291666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR <sup>(b)</sup> | 2659994 |
| 69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Theseus Pharmaceuticals, Inc. <sup>(b)(e)</sup> | 343620 |
| 94775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VYNE Therapeutics, Inc. <sup>(b)(e)</sup> | 14216 |
| 17924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | 2626762 |
|  |  | 166632666 |
|  | **TOTAL COMMON STOCKS<br> (Cost $735,514,299)** | 879323624 |
|  | **EXCHANGE TRADED FUNDS - 0.8% of Net Assets** |  |
| 24569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Nasdaq Biotechnology ETF | 3225664 |
| 57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P Biotech ETF | 4731000 |
|  | **TOTAL EXCHANGE TRADED FUNDS<br> (Cost $7,597,986)** | 7956664 |
| **PRINCIPAL<br> AMOUNT** | **SHORT-TERM INVESTMENTS - 4.7% of Net Assets** |  |
| $37490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreement, Fixed Income Clearing Corp., repurchase value $37,495,332, 1.28%, dated 12/30/22, due 01/03/23 (collateralized by U.S. Treasury Note 0.375%, due 04/30/2025, market value $38,239,887) | 37490000 |
| **SHARES** |  |  |
| 9853295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Institutional Class, 4.09% <sup>(f)</sup> | 9853295 |
|  | **TOTAL SHORT-TERM INVESTMENTS <br> (Cost $47,343,295)** | 47343295 |
|  | **TOTAL INVESTMENTS BEFORE MILESTONE INTERESTS - 100.7%** <br> (Cost $862,259,397)** | 1005239960 |
| **INTERESTS** | **MILESTONE INTERESTS (Restricted)<sup>(a)(b)</sup> - 0.9% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;***Biotechnology – 0.2%*** |  |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphivena Milestone Interest | 0 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rainier Therapeutics Milestone Interest | 271071 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therachon Milestone Interest | 1213090 |
|  |  | 1484161 |
|  | &nbsp;&nbsp;&nbsp;***Health Care Equipment & Supplies – 0.0%*** |  |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therox Milestone Interest | 1090 |
|  |  | 1090 |
|  | &nbsp;&nbsp;&nbsp;***Pharmaceuticals – 0.7%*** |  |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Afferent Milestone Interest | 262867 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethismos Research Milestone Interest | 0 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Biomedicines Milestone Interest | 1708970 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurovance Milestone Interest | 5041749 |
|  |  | 7013586 |
|  | **TOTAL MILESTONE INTERESTS <br> (Cost $7,960,390)** | 8498837 |
|  | **TOTAL INVESTMENTS - 101.6% <br> (Cost $870,219,787)** | 1013738797 |
|  | **OTHER LIABILITIES IN EXCESS OF ASSETS - (1.6)%** | (15474675) |
|  | **NET ASSETS - 100%** | $998264122 |

---

(a) Security
 fair valued using significant unobservable inputs. See Investment Valuation and Fair Value
 Measurements.

(b) Non-income producing
 security.

(c) Affiliated issuers in
 which the Fund holds 5% or more of the voting securities (total market value of $24,349,889).

(d) Foreign security.

(e) All or a portion of this
 security is on loan as of December 31, 2022.

(f) This security represents
 the investment of cash collateral received for securities lending and is a registered investment
 company advised by State Street Global Advisors. The rate shown is the annualized seven-day
 yield as of December 31, 2022.

ADR American Depository Receipt

CVR Contingent Value Right

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

**<u>TEKLA HEALTHCARE INVESTORS</u>**

**NOTES TO FINANCIAL STATEMENTS**

*DECEMBER 31, 2022*

*(Unaudited)*

***Investment Valuation***

 ****

Shares of publicly traded companies listed on national securities exchanges or trading in the over-the-counter market are typically valued at the last sale price, as of the close of trading, generally 4 p.m., Eastern Time. The Board of Trustees of the Fund (the Trustees) has established and approved fair valuation policies and procedures with respect to securities for which quoted prices may not be available or which do not reflect fair value. Convertible, corporate and government bonds are valued using a third-party pricing service. Convertible bonds are valued using this pricing service only on days when there is no sale reported. Restricted securities of companies that are publicly traded are typically valued based on the closing market quote on the valuation date adjusted for the impact of the restriction as determined in good faith by 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 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 December 31, 2022, the cost of securities for Federal income tax purposes was $870,219,787. The net unrealized gain on securities held by the Fund was $143,519,010, including gross unrealized gain of $265,218,675 and gross unrealized loss of $121,699,665.

***Securities Lending***

 ****

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

The 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.

**<u>TEKLA HEALTHCARE INVESTORS</u>**

**NOTES TO FINANCIAL STATEMENTS**

*DECEMBER 31, 2022*

*(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 December 31, 2022, the Fund loaned securities valued at $9,671,975 and received $9,853,295 of cash collateral.

***Other Transactions with Affiliates***

 ****

An affiliate company is a company in which the Fund holds 5% or more of the voting securities. Transactions involving such companies during the period ended December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Companies | Beginning<br> Value as of<br> September 30,<br> 2022 | Purchases at<br> Cost | Proceeds<br> from Sales | Net Realized<br> Gain/(Loss)<br> on sale of<br> Affiliated<br> Companies | Change in<br> Unrealized<br> Appreciation/<br> Depreciation | Ending Value<br> as of<br> December 31,<br> 2022\* |
| Arkuda Therapeutics, Inc.. | $5024265 | $— | $— | $— | $— | $5024265 |
| Curasen Therapeutics, Inc. | 8414141 | 314255 |  |  |  | 8728396 |
| Invetx, Inc. | 6886344 |  |  |  |  | 6886344 |
| Priothera Ltd. | 3397500 |  |  |  | 313384 | 3710884 |
|  | $23722250 | $314255 | $— | $— | $313384 | $24349889 |
| Affiliated Companies | Shares as of<br> December 31,<br> 2022\* | Principal<br> Amount as of<br> December 31,<br> 2022 | Dividend/ Interest<br> Income from<br> Affiliated<br> Companies | Capital Gain<br> Distributions<br> from Affiliated<br> Companies |  |  |
| Arkuda Therapeutics, Inc.. | 2841458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |
| Curasen Therapeutics, Inc. | 18203119 |  |  |  |  |  |
| Invetx, Inc. | 10276591 |  |  |  |  |  |
| Priothera Ltd. | 346666 |  |  |  |  |  |
|  | 31667834 | $— | $— | $— |  |  |

---

\*Amphivena Therapeutics, Inc. was an affiliate as of September 30, 2022 but not an affiliate as of December 31, 2022.

***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.

**<u>TEKLA HEALTHCARE INVESTORS</u>**

**NOTES TO FINANCIAL STATEMENTS**

*DECEMBER 31, 2022*

*(Unaudited, continued)*

For the period ended December 31, 2022, there were no transfers between levels.

The following is a summary of the levels used as of December 31, 2022 to value the Fund's investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets at Value | Level 1 | Level 2 | Level 3 | Total |
| Convertible Preferreds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | $- | $- | $43764975 | $43764975 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies |  |  | 1423015 | 1423015 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  |  | 25428387 | 25428387 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | 522553448 | 21526 |  | 522574974 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 66489817 |  | 562208 | 67052025 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 60586476 | 78578 | 56422 | 60721476 |
| &nbsp;&nbsp;&nbsp;Healthcare Services | 3750961 |  |  | 3750961 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 38826810 |  |  | 38826810 |
| &nbsp;&nbsp;&nbsp;Medical Devices And Diagnostics | 19764712 |  |  | 19764712 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 166630941 | 1725 |  | 166632666 |
| Exchange Traded Funds | 7956664 |  |  | 7956664 |
| Short-term Investments | 9853295 | 37490000 |  | 47343295 |
| Milestone Interests |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology |  |  | 1484161 | 1484161 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies |  |  | 1090 | 1090 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  |  | 7013586 | 7013586 |
| Other Assets | - | - | 272 | 272 |
| Total | $896413124 | $37591829 | $79734116 | $1013739069 |

---

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<br> September 30,<br> 2022 | Net realized gain<br> (loss) and <br> change in<br> unrealized<br> appreciation<br> (depreciation) | Cost of<br> purchases and<br> conversions | Proceeds<br> from sales<br> and<br> conversions | Net transfers<br> into (out of)<br> Level 3 | Balance as of<br> December 31,<br> 2022 |
| Convertible Preferreds |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | $43293435 | $471304 | $236 | $— | $— | $43764975 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 1423015 |  |  |  |  | 1423015 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 25114132 | (4347) | 318602 |  |  | 25428387 |
| Convertible Notes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | 0\* |  |  |  |  |  |
| Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 618886 | (56678) |  |  |  | 562208 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 56533 | (111) |  |  |  | 56422 |
| Milestone Interests |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | 1529091 | (44930) |  |  |  | 1484161 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 1090 |  |  |  |  | 1090 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 7340318 | (326732) |  |  |  | 7013586 |
| Other Assets | 272 |  |  |  |  | 272 |
|  | $79376772 | $38506 | $318838 | $— | $— | $79734116 |

---

---

| | |
|:---|:---|
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 | $38592 |

---

\* Represents security valued at zero.

**<u>TEKLA HEALTHCARE INVESTORS</u>**

**NOTES TO FINANCIAL STATEMENTS**

*DECEMBER 31, 2022*

*(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<br> December 31,<br> 2022 | Valuation Technique | Unobservable Input | Range<br> (Weighted Average) |
| Common Stocks | $562208 | Market approach | Discount for lack of marketability <br> Revenue allocation | 50.00% (50.00%)<br> 10.00% (10.00%) |
|  | 56422 | Probability adjusted value | Probability of events<br> Timing of events | 50.00% (50.00%)<br> 0.25-1.25 (0.74) years |
| Convertible Preferreds | 70616377 | Transaction price | (a) | N/A |
| Milestones Interests | 8498837 | Probability adjusted value | Probability of events <br> Timing of events | 25.00%- 100.00% (72.11%) <br> 0.5- 14.50 (3.48) years |
| Other Assets | 272 | Probability adjusted value | Probability of events<br> Timing of events | 95.00% (95.00%) <br> 5.75 (5.75) years |
|  | $79734116 |  |  |  |

---

(a) The valuation technique used as a basis to approximate fair
value of these investments is based upon a transaction price or 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 December 31, 2022.

At December 31, 2022, the Fund had a commitment of $4,111,919 relating to additional investments in five private companies.

**<u>TEKLA HEALTHCARE INVESTORS</u>**

**NOTES TO FINANCIAL STATEMENTS**

*DECEMBER 31, 2022*

*(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 December 31, 2022. The Fund on its own does not have the right to demand that such securities be registered.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security (#)** | **Acquisition<br> Date** | **Cost** | **Carrying Value<br> per Unit** | **Value** |
| Afferent Milestone Interest | 07/27/16 | $377701 | $262867.00 | $262867 |
| Amphivena Milestone Interest | 10/18/22 | 0 | 0.00 | 0 |
| Arbor Biotechnologies Series B Cvt. Pfd | 10/29/21 | 1367052 | 16.57 | 1359999 |
| Aristea Therapeutics, Inc. Series B Cvt. Pfd | 07/27/21 | 3399996 | 5.51 | 3399996 |
| Arkuda Therapeutics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A Cvt. Pfd | 05/16/19, 04/02/20, 07/15/21 | 5608507 | 1.77 | 4162222 |
| &nbsp;&nbsp;&nbsp;Series B Cvt. Pfd | 01/24/22 | 863441 | 1.77 | 862043 |
| Biotheryx, Inc. Series E Cvt. Pfd | 05/19/21 | 6814067 | 5.25 | 6800000 |
| Cercacor Laboratories, Inc. Common | 03/31/98† | 0 | 3.51 | 562208 |
| Curasen Therapeutics, Inc. Series A Cvt. Pfd | 09/18/18, 01/07/20, 10/21/21, 11/01/22 | 8732742 | 0.48 | 8728396 |
| Dynacure Series C Cvt. Pfd | 04/21/20, 10/28/20 | 5612058 | 3.11 | 1873792 |
| Endeavor Biomedicines, Inc. Series B Cvt. Pfd | 01/21/22 | 3103846 | 4.72 | 3099996 |
| Ethismos Research Milestone Interest | 10/31/17 | 0 | 0.00 | 0 |
| Fusion Pharmaceuticals, Inc. Common | 09/20/22 | 0 | 2.84 | 21526 |
| HiberCell, Inc. Series B Cvt. Pfd | 05/05/21 | 3406945 | 1.23 | 3399999 |
| Hotspot Therapeutics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B Cvt. Pfd | 04/22/20, 06/17/21 | 6916047 | 3.24 | 9317587 |
| &nbsp;&nbsp;&nbsp;Series C Cvt. Pfd | 11/15/21 | 2053056 | 3.24 | 2049526 |
| ImmuneID, Inc. Series A Cvt. Pfd | 04/28/21 | 2044520 | 2.00 | 2040000 |
| Impact Biomedicines Milestone Interest | 07/20/10 | 0 | 1708970.00 | 1708970 |
| InnovaCare, Inc. Escrow Shares Common | 12/21/12 | 73738 | 0.25 | 56422 |
| Invetx, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A Cvt. Pfd | 08/06/20 | 3452934 | 0.67 | 4816344 |
| &nbsp;&nbsp;&nbsp;Series B Cvt. Pfd | 03/28/22 | 2071261 | 0.67 | 2070000 |
| IO Light Holdings, Inc. Series A2 Cvt. Pfd | 04/30/20, 05/17/21, 09/15/21 | 1394759 | 3.38 | 1423015 |
| Neurovance Milestone Interest | 03/20/17 | 4917881 | 5041749.00 | 5041749 |
| Oculis SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B2 Cvt. Pfd | 01/16/19, 12/23/19 | 2335688 | 10.64 | 2952004 |
| &nbsp;&nbsp;&nbsp;Series C Cvt. Pfd | 04/07/21 | 801905 | 10.64 | 801905 |
| Parthenon Therapeutics, Inc. Series A Cvt. Pfd | 08/12/21 | 2092307 | 3.96 | 2092307 |
| Priothera Ltd. Series A Cvt. Pfd | 10/07/20, 10/19/21 | 4044974 | 10.70 | 3710884 |
| Quell Therapeutics Series B Cvt. Pfd | 11/29/21, 03/23/22 | 2955956 | 1.89 | 2936363 |
| Rainier Therapeutics Milestone Interest | 09/28/21 | 294620 | 271071.00 | 271071 |
| ReCode Therapeutics Series B Cvt. Pfd | 10/12/21, 02/16/22 | 2731756 | 9.23 | 2719999 |
| Therachon Milestone Interest | 07/01/19 | 2362765 | 1213090.00 | 1213090 |
| Therox Milestone Interest | 06/18/19 | 7423 | 1090.00 | 1090 |
|  |  | $79837945 |  | $79755370 |

---

(#) See Schedule of Investments and corresponding footnotes for more information on each issuer. <br> † Carrying Interest received as part of a corporate action for a previously owned security.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** TEKLA 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:** 100 FEDERAL STREET,

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-772-8500

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

- **a. Name of Series:** TEKLA HEALTHCARE INVESTORS

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

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $1013942948.66

**Total Liabilities:** $15682437.65

**Net Assets:** $998260511.01

**Cash Not Reported:** $84.69

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 8.51%                | 4.37%                | -6.15%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6022470.59             | $79009706.52                               |
| Month 2  | $2513874.46              | $53883550.91                               |
| Month 3  | $1160688.99              | $-38286587.23                              |

### 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        |     56499 | NS      | $2133967.23   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TScan Therapeutics Inc                                     | TScan Therapeutics Inc                                     | CUSIP: 89854M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    138057 | NS      | $225032.91    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA ZOGENIX INC                                         | CONTRA ZOGENIX INC                                         | CUSIP: 989CVR014<br>LEI: N/A                  | N/A              | DE               |  | US        |     51696 | NS      | $78577.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Charles River Laboratories International Inc               | Charles River Laboratories International Inc               | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     22890 | NS      | $4987731.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RAINIER THERAPEUTICS, INC.                                 | RAINIER THERAPEUTICS, INC.                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3955 | NS      | $271070.90    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARBOR BIOTECHNOLOGIES                                      | ARBOR BIOTECHNOLOGIES                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     82076 | NS      | $1359999.32   | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| iShares Biotechnology ETF                                  | iShares Biotechnology ETF                                  | CUSIP: 464287556<br>LEI: 549300S7IVD88MPK0066 | Long             | EC               | RF                | US        |     24569 | NS      | $3225664.01   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc                              | Arrowhead Pharmaceuticals Inc                              | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |     65953 | NS      | $2675053.68   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                                | Alnylam Pharmaceuticals Inc                                | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     92438 | NS      | $21967890.70  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                                                | BioNTech SE                                                | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |     66396 | NS      | $9974007.12   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                                 | FIXED INC CLEARING CORP.REPO                               | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  37490000 | PA      | $37490000.00  | 3.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Rallybio Corp                                              | Rallybio Corp                                              | CUSIP: 75120L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    755076 | NS      | $4960849.32   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Kura Oncology Inc                                          | Kura Oncology Inc                                          | CUSIP: 50127T109<br>LEI: 5493005QORQTZCZYOP39 | Long             | EC               | CORP              | US        |    198177 | NS      | $2459376.57   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                                 | Vertex Pharmaceuticals Inc                                 | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |    177485 | NS      | $51254118.30  | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                          | Johnson & Johnson                                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     93399 | NS      | $16498933.35  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals Inc                               | BioCryst Pharmaceuticals Inc                               | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |    402717 | NS      | $4623191.16   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                                     | UnitedHealth Group Inc                                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     33532 | NS      | $17777995.76  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Mereo Biopharma Group PLC                                  | Mereo Biopharma Group PLC                                  | CUSIP: 589492107<br>LEI: 213800U8JQHIJOS5AS09 | Long             | EC               | CORP              | GB        |   1063799 | NS      | $797849.25    | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Intercept Pharmaceuticals Inc                              | Intercept Pharmaceuticals Inc                              | CUSIP: 45845P108<br>LEI: 254900JMB8TX5P688V24 | Long             | EC               | CORP              | US        |     33437 | NS      | $413615.69    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Caribou Biosciences Inc                                    | Caribou Biosciences Inc                                    | CUSIP: 142038108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    385660 | NS      | $2421944.80   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HOTSPOT THERAPEUTICS, INC.                                 | HOTSPOT THERAPEUTICS, INC.                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    632394 | NS      | $2049525.71   | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| G1 Therapeutics Inc                                        | G1 Therapeutics Inc                                        | CUSIP: 3621LQ109<br>LEI: 529900TC35UPZQYRKW13 | Long             | EC               | CORP              | US        |    200492 | NS      | $1088671.56   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| OCULIS SA SERIES B2 PREFERRED                              | OCULIS SA SERIES B2 PREFERRED                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    277444 | NS      | $2952004.16   | 0.30%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARKUDA THERAPEUTICS, INC.                                  | ARKUDA THERAPEUTICS, INC.                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    487526 | NS      | $862043.47    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AbbVie Inc                                                 | AbbVie Inc                                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    132179 | NS      | $21361448.19  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Prometheus Biosciences Inc                                 | Prometheus Biosciences Inc                                 | CUSIP: 74349U108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20132 | NS      | $2214520.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| VectivBio Holding AG                                       | VectivBio Holding AG                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |    553446 | NS      | $4765170.06   | 0.48%             |  |  |  | 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      | $4162222.56   | 0.42%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Thermo Fisher Scientific Inc                               | Thermo Fisher Scientific Inc                               | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     14873 | NS      | $8190412.37   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc                                | BioMarin Pharmaceutical Inc                                | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |    140951 | NS      | $14587018.99  | 1.46%             |  |  |  | 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      | $1423014.75   | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Spectrum Pharmaceuticals Inc                               | Spectrum Pharmaceuticals Inc                               | CUSIP: 84763A108<br>LEI: 549300COU30WSP3O5I07 | Long             | EC               | CORP              | US        |     79790 | NS      | $29402.62     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Curasen Therapeutics, Inc.                                 | CURASEN THERAPEUTICS, INC.                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  18203119 | NS      | $8728395.56   | 0.87%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Adaptive Biotechnologies Corp                              | Adaptive Biotechnologies Corp                              | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |    216209 | NS      | $1651836.76   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc                                   | Travere Therapeutics Inc                                   | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    262102 | NS      | $5512005.06   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTEA THERAPEUTICS, INC.                                 | ARISTEA THERAPEUTICS, INC.                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    616645 | NS      | $3399995.54   | 0.34%             |  |  |  | Yes           |                  3 | On Loan: No      |
| QUELL THERAPEUTICS                                         | QUELL THERAPEUTICS                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1553631 | NS      | $2936362.59   | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cardiovascular Systems Inc                                 | Cardiovascular Systems Inc                                 | CUSIP: 141619106<br>LEI: 549300NUBWKJMNMQ3287 | Long             | EC               | CORP              | US        |    174859 | NS      | $2381579.58   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Afferent Milestone Interest                                | AFFERENT MILESTONE INTEREST                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |     26208 | NS      | $262866.64    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Praxis Precision Medicines Inc                             | Praxis Precision Medicines Inc                             | CUSIP: 74006W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51406 | NS      | $122346.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Therapeutics Plc                                   | Horizon Therapeutics Plc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    241500 | NS      | $27482700.00  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagen Inc                                                 | Seagen Inc                                                 | CUSIP: 81181C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68127 | NS      | $8755000.77   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                              | Medtronic PLC                                              | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     29380 | NS      | $2283413.60   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| RECODE THERAPEUTICS                                        | RECODE THERAPEUTICS                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    294589 | NS      | $2719999.15   | 0.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ETHISMOS RESEARCH, INC. MILEST                             | ETHISMOS RESEARCH, INC. MILEST                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |      1180 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ascendis Pharma A/S                                        | Ascendis Pharma A/S                                        | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     82481 | NS      | $10073404.53  | 1.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Intellia Therapeutics Inc                                  | Intellia Therapeutics Inc                                  | CUSIP: 45826J105<br>LEI: 5493002T5BCPE5DZC723 | Long             | EC               | CORP              | US        |    103664 | NS      | $3616836.96   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                                 | Zoetis Inc                                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     17924 | NS      | $2626762.20   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                                     | Boston Scientific Corp                                     | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    144489 | NS      | $6685506.03   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                                 | Zimmer Biomet Holdings Inc                                 | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     80863 | NS      | $10310032.50  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Impact Biomedicines Milestone                              | Impact Biomedicines Milestone Preferred Stock              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |     78178 | NS      | $1708969.99   | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elevance Health Inc                                        | Elevance Health Inc                                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      2644 | NS      | $1356292.68   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Apellis Pharmaceuticals Inc                                | Apellis Pharmaceuticals Inc                                | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |     39978 | NS      | $2067262.38   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                                 | Biogen Inc                                                 | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |    104624 | NS      | $28972478.08  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| FUSION PHARMACEUTICALS, INC.                               | FUSION PHARMACEUTICALS, INC.                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7593 | NS      | $21526.16     | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| United Therapeutics Corp                                   | United Therapeutics Corp                                   | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     65672 | NS      | $18262726.48  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp                                        | Addus HomeCare Corp                                        | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |      8909 | NS      | $886356.41    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                                       | Align Technology Inc                                       | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |     15513 | NS      | $3271691.70   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc                                         | IQVIA Holdings Inc                                         | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     17633 | NS      | $3612825.37   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Endo International PLC                                     | Endo International PLC                                     | CUSIP: 000000000<br>LEI: 5493007TBMWZWGZIB256 | Long             | EC               | CORP              | IE        |    465507 | NS      | $32957.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                                | Moderna Inc                                                | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |    124772 | NS      | $22411546.64  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Biohaven Ltd                                               | Biohaven Ltd                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     14216 | NS      | $197318.08    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Stryker Corp                                               | Stryker Corp                                               | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     42065 | NS      | $10284471.85  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HIBERCELL, INC. SERIES B                                   | HIBERCELL, INC. SERIES B                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2773472 | NS      | $3399999.32   | 0.34%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AstraZeneca PLC                                            | AstraZeneca PLC                                            | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    494952 | NS      | $33557745.60  | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corp                                                 | Cigna Corp                                                 | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     41860 | NS      | $13869892.40  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTHENON THERAPEUTICS, INC.                               | PARTHENON THERAPEUTICS, INC.                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    528339 | NS      | $2092306.97   | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Denali Therapeutics Inc                                    | Denali Therapeutics Inc                                    | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |    177992 | NS      | $4949957.52   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                               | Illumina Inc                                               | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |    143346 | NS      | $28984561.20  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Sutro Biopharma Inc                                        | Sutro Biopharma Inc                                        | CUSIP: 869367102<br>LEI: 5493005U6P15VD25P851 | Long             | EC               | CORP              | US        |    104084 | NS      | $840998.72    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| INVETX, INC.                                               | INVETX, INC.                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   7187500 | NS      | $4816343.75   | 0.48%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Mirati Therapeutics Inc                                    | Mirati Therapeutics Inc                                    | CUSIP: 60468T105<br>LEI: 529900GYRW59IDQV6N54 | Long             | EC               | CORP              | US        |     42638 | NS      | $1931927.78   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MoonLake Immunotherapeutics                                | MoonLake Immunotherapeutics                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    205800 | NS      | $2160900.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Cerevel Therapeutics Holdings Inc                          | Cerevel Therapeutics Holdings Inc                          | CUSIP: 15678U128<br>LEI: 254900RJNIRS9COSQR41 | Long             | EC               | CORP              | US        |    102322 | NS      | $3227235.88   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                                        | Guardant Health Inc                                        | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |    261873 | NS      | $7122945.60   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Precision BioSciences Inc                                  | Precision BioSciences Inc                                  | CUSIP: 74019P108<br>LEI: 549300I5QGRS3BLHZH41 | Long             | EC               | CORP              | US        |    154807 | NS      | $184220.33    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Intra-Cellular Therapies Inc                               | Intra-Cellular Therapies Inc                               | CUSIP: 46116X101<br>LEI: 5299002U2KGF193IJA20 | Long             | EC               | CORP              | US        |    120019 | NS      | $6351405.48   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co PLC                                             | Perrigo Co PLC                                             | CUSIP: 000000000<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |      7050 | NS      | $240334.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| THEROX MILESTONE INTEREST                                  | THEROX MILESTONE INTEREST                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        94 | NS      | $1090.44      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HOTSPOT THERAPEUTICS, INC.                                 | HOTSPOT THERAPEUTICS, INC.                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2875000 | NS      | $9317587.50   | 0.93%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Intuitive Surgical Inc                                     | Intuitive Surgical Inc                                     | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     26837 | NS      | $7121197.95   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Theseus Pharmaceuticals Inc                                | Theseus Pharmaceuticals Inc                                | CUSIP: 88369M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69000 | NS      | $343620.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Amgen Inc                                                  | Amgen Inc                                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |    275874 | NS      | $72455547.36  | 7.26%             |  |  |  | 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   | 0.31%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Karuna Therapeutics Inc                                    | Karuna Therapeutics Inc                                    | CUSIP: 48576A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39143 | NS      | $7691599.50   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                                       | Medpace Holdings Inc                                       | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      6524 | NS      | $1385762.84   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Pyxis Oncology Inc                                         | Pyxis Oncology Inc                                         | CUSIP: 747324101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    481646 | NS      | $645405.64    | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Abbott Laboratories                                        | Abbott Laboratories                                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    114588 | NS      | $12580616.52  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp                                   | Blueprint Medicines Corp                                   | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |     44144 | NS      | $1933948.64   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| OCULIS SA SERIES C                                         | OCULIS SA SERIES C                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     75367 | NS      | $801904.88    | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BIOTHERYX, INC. SERIES E                                   | BIOTHERYX, INC. SERIES E                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1295238 | NS      | $6799999.50   | 0.68%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dexcom Inc                                                 | Dexcom Inc                                                 | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     27319 | NS      | $3093603.56   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROVANCE MILESTONE INTEREST                              | NEUROVANCE MILESTONE INTEREST                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |     49006 | NS      | $5041749.63   | 0.51%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pfizer Inc                                                 | Pfizer Inc                                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    108913 | NS      | $5580702.12   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC                                   | Jazz Pharmaceuticals PLC                                   | CUSIP: 000000000<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |    105172 | NS      | $16754951.32  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc                                      | Molina Healthcare Inc                                      | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |     18161 | NS      | $5997125.42   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc                                   | Sarepta Therapeutics Inc                                   | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |     63712 | NS      | $8255800.96   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                                  | Edwards Lifesciences Corp                                  | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     43827 | NS      | $3269932.47   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                                  | Argenx SE                                                  | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     40621 | NS      | $15388453.43  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| INNOVACARE INC                                             | INNOVACARE INC                                             | CUSIP: 457ESC010<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    222222 | NS      | $56422.17     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TETRAPHASE PHARMACEUTICALS INC                             | TETRAPHASE PHARMACEUTICALS INC                             | CUSIP: 881CVR013<br>LEI: N/A                  | N/A              | DE               |  | US        |     28747 | NS      | $1724.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DYNACURE                                                   | DYNACURE                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | FR        |    602572 | NS      | $1873791.50   | 0.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Zai Lab Ltd                                                | Zai Lab Ltd                                                | CUSIP: 98887Q104<br>LEI: 549300P2UYQ9U5LY1T58 | Long             | EC               | CORP              | KY        |     27684 | NS      | $849898.80    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fusion Pharmaceuticals Inc                                 | Fusion Pharmaceuticals Inc                                 | CUSIP: 36118A100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     15186 | NS      | $47835.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| I-Mab                                                      | I-Mab                                                      | CUSIP: 44975P103<br>LEI: 549300L1A5T19703RR64 | Long             | EC               | CORP              | KY        |     53885 | NS      | $225239.30    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                              | Ultragenyx Pharmaceutical Inc                              | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     44502 | NS      | $2061777.66   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| INVETX, INC.                                               | INVETX, INC.                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   3089091 | NS      | $2069999.88   | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THERACHON MILESTONE INTEREST                               | THERACHON MILESTONE INTEREST                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     32777 | NS      | $1213089.72   | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Arcutis Biotherapeutics Inc                                | Arcutis Biotherapeutics Inc                                | CUSIP: 03969K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86869 | NS      | $1285661.20   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Holdings                        | Laboratory Corp of America Holdings                        | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |     15929 | NS      | $3750960.92   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Arvinas Inc                                                | Arvinas Inc                                                | CUSIP: 04335A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25689 | NS      | $878820.69    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                                 | Neurocrine Biosciences Inc                                 | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     74216 | NS      | $8864359.04   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Affimed NV                                                 | Affimed NV                                                 | CUSIP: 000000000<br>LEI: 5493004V4FSXT1D04610 | Long             | EC               | CORP              | NL        |    367414 | NS      | $455593.36    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                                           | HealthEquity Inc                                           | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     47561 | NS      | $2931660.04   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Biotech ETF                                       | SPDR S&P Biotech ETF                                       | CUSIP: 78464A870<br>LEI: 549300Y3ODFMPD5XXL58 | Long             | EC               | RF                | US        |     57000 | NS      | $4731000.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                                         | HCA Healthcare Inc                                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |     24237 | NS      | $5815910.52   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                                              | McKesson Corp                                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     19916 | NS      | $7470889.92   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                                 | Humana Inc                                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     10890 | NS      | $5577749.10   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexgel Inc                                                 | Nexgel Inc                                                 | CUSIP: 65344E107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2970 | NS      | $3712.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIOTHERA LIMITED                                          | PRIOTHERA LIMITED                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | IE        |    346666 | NS      | $3710884.44   | 0.37%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lantheus Holdings Inc                                      | Lantheus Holdings Inc                                      | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |    173058 | NS      | $8819035.68   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                               | Danaher Corp                                               | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     10121 | NS      | $2686315.82   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                              | Regeneron Pharmaceuticals Inc                              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     72092 | NS      | $52013657.08  | 5.21%             |  |  |  | No            |                  1 | On Loan: No      |
| VYNE Therapeutics Inc                                      | VYNE Therapeutics Inc                                      | CUSIP: 92941V209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94775 | NS      | $14216.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| State Street Institutional US Government Money Market Fund | State Street Institutional US Government Money Market Fund | CUSIP: 857492573<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   9853295 | NS      | $9853295.00   | 0.99%             |  |  |  | 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      |
| Syndax Pharmaceuticals Inc                                 | Syndax Pharmaceuticals Inc                                 | CUSIP: 87164F105<br>LEI: 529900OF94TRHKZVBS87 | Long             | EC               | CORP              | US        |     82339 | NS      | $2095527.55   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Industries Ltd                         | Teva Pharmaceutical Industries Ltd                         | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |    291666 | NS      | $2659993.92   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                                               | Alkermes PLC                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    173907 | NS      | $4544189.91   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                             | Merck & Co Inc                                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     71668 | NS      | $7951564.60   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholar Rock Holding Corp                                  | Scholar Rock Holding Corp                                  | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |     68117 | NS      | $616458.85    | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Eli Lilly & Co                                             | Eli Lilly & Co                                             | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     51829 | NS      | $18961121.36  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Galera Therapeutics Inc                                    | Galera Therapeutics Inc                                    | CUSIP: 36338D108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    296462 | NS      | $441728.38    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Novavax Inc                                                | Novavax Inc                                                | CUSIP: 670002401<br>LEI: 529900J4GJHPEPQ23205 | Long             | EC               | CORP              | US        |     37188 | NS      | $382292.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| uniQure NV                                                 | uniQure NV                                                 | CUSIP: 000000000<br>LEI: 724500RPCTZLFYJZ3S98 | Long             | EC               | CORP              | NL        |    448264 | NS      | $10162144.88  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cercacor Laboratories Inc                                  | CERCACOR LABORATORIES INC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    160000 | NS      | $562207.68    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IDEXX Laboratories Inc                                     | IDEXX Laboratories Inc                                     | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     15551 | NS      | $6344185.96   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                                    | Bristol-Myers Squibb Co                                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    189716 | NS      | $13650066.20  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Xencor Inc                                                 | Xencor Inc                                                 | CUSIP: 98401F105<br>LEI: 549300V5IF65437JKG30 | Long             | EC               | CORP              | US        |    101994 | NS      | $2655923.76   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMUNEID, INC. SERIES A                                    | IMMUNEID, INC. SERIES A                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1020000 | NS      | $2040000.00   | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Black Diamond Therapeutics Inc                             | Black Diamond Therapeutics Inc                             | CUSIP: 09203E105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90404 | NS      | $162727.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Gilead Sciences Inc                                        | Gilead Sciences Inc                                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    815795 | NS      | $70036000.75  | 7.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-24

**Name of Applicant:** TEKLA HEALTHCARE INVESTORS

**Signature:** Laura Woodward

**Name of Signer:** Laura Woodward

**Title:** CCO