# EDGAR Filing Document

**Accession Number:** 0001300336
**File Stem:** 0001104659-23-018131
**Filing Date:** 2023-2
**Character Count:** 22081
**Document Hash:** 0e4a9eacd9251ee28653cda9fa3e2c1e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-018131.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001104659-23-018131

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tekla Capital Management LLC
- **CENTRAL INDEX KEY:** 0001300336
- **IRS NUMBER:** 010628853
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10950
- **FILM NUMBER:** 23609386

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **STREET 2:** 19TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617 772-8500

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Hambrecht & Quist Capital Management LLC
- **DATE OF NAME CHANGE:** 20040811

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Tekla Capital Management LLC<br>**Address:** 100 Federal Street<br>19th Floor<br>Boston, MA 02110

**Form 13F File Number:** 028-10950

**CRD Number (if applicable):** 000119626

**SEC File Number (if applicable):** 801-61018

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Laura Woodward<br>**Title:** Chief Compliance Officer<br>**Phone:** 617-772-8500

**Signature, Place, and Date of Signing:**

/s/ Laura Woodward  Boston, MA  02-10-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 172

**Form 13F Information Table Value Total:** $2647841985

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 1Life Healthcare Inc. | Common | 68269G107 |  | 522455 | 31266 | SH |  | SOLE |  | 522455 | 0 | 0 |
| Abbott Laboratories | Common | 002824100 |  | 76090069 | 693051 | SH |  | SOLE |  | 76090069 | 0 | 0 |
| AbbVie Inc. | Common | 00287Y109 |  | 77304851 | 478342 | SH |  | SOLE |  | 77304851 | 0 | 0 |
| Acadia Healthcare Company Inc. | Common | 00404A109 |  | 11622678 | 141189 | SH |  | SOLE |  | 11622678 | 0 | 0 |
| ACADIA Pharmaceuticals Inc. | Common | 004225108 |  | 1149822 | 72225 | SH |  | SOLE |  | 1149822 | 0 | 0 |
| Adaptive Biotechnologies Corp. | Common | 00650F109 |  | 3226227 | 422281 | SH |  | SOLE |  | 3226227 | 0 | 0 |
| Addus HomeCare Corp. | Common | 006739106 |  | 4216386 | 42380 | SH |  | SOLE |  | 4216386 | 0 | 0 |
| Adicet Bio Inc. | Common | 007002108 |  | 360541 | 40329 | SH |  | SOLE |  | 360541 | 0 | 0 |
| Affimed N.V. | Common | N01045108 |  | 726687 | 586038 | SH |  | SOLE |  | 726687 | 0 | 0 |
| Agilent Technologies Inc. | Common | 00846U101 |  | 6463533 | 43191 | SH |  | SOLE |  | 6463533 | 0 | 0 |
| AlerisLife Inc. | Common | 33832D205 |  | 13330 | 24237 | SH |  | SOLE |  | 13330 | 0 | 0 |
| Align Technology Inc. | Common | 016255101 |  | 10718782 | 50824 | SH |  | SOLE |  | 10718782 | 0 | 0 |
| Alkermes plc | Shares | G01767105 |  | 8090188 | 309613 | SH |  | SOLE |  | 8090188 | 0 | 0 |
| Allscripts Healthcare Solutions Inc. | Common | 01988P108 |  | 7560151 | 428580 | SH |  | SOLE |  | 7560151 | 0 | 0 |
| Alnylam Pharmaceuticals Inc. | Common | 02043Q107 |  | 34034807 | 143214 | SH |  | SOLE |  | 34034807 | 0 | 0 |
| ALX Oncology Holdings Inc. | Common | 00166B105 |  | 746198 | 66211 | SH |  | SOLE |  | 746198 | 0 | 0 |
| Amerisourcebergen Corp. | Common | 03073E105 |  | 3383301 | 20417 | SH |  | SOLE |  | 3383301 | 0 | 0 |
| Amgen Inc. | Common | 031162100 |  | 133598665 | 508676 | SH |  | SOLE |  | 133598665 | 0 | 0 |
| Apellis Pharmaceuticals Inc. | Common | 03753U106 |  | 3434888 | 66426 | SH |  | SOLE |  | 3434888 | 0 | 0 |
| ARCA biopharma Inc. | Common | 00211Y506 |  | 76608 | 32461 | SH |  | SOLE |  | 76608 | 0 | 0 |
| Arcutis Biotherapeutics Inc. | Common | 03969K108 |  | 2203335 | 148874 | SH |  | SOLE |  | 2203335 | 0 | 0 |
| Ardelyx Inc. | Common | 039697107 |  | 1537313 | 539408 | SH |  | SOLE |  | 1537313 | 0 | 0 |
| argenx SE | Sponsored ADR | 04016X101 |  | 31829675 | 84021 | SH |  | SOLE |  | 31829675 | 0 | 0 |
| Arrowhead Pharmaceuticals Inc. | Common | 04280A100 |  | 4073116 | 100422 | SH |  | SOLE |  | 4073116 | 0 | 0 |
| Arvinas Inc. | Common | 04335A105 |  | 1470962 | 42998 | SH |  | SOLE |  | 1470962 | 0 | 0 |
| Ascendis Pharma A/S | Sponsored ADR | 04351P101 |  | 15118595 | 123791 | SH |  | SOLE |  | 15118595 | 0 | 0 |
| Assertio Holdings Inc. | Common | 04546C205 |  | 1765473 | 410575 | SH |  | SOLE |  | 1765473 | 0 | 0 |
| AstraZeneca PLC | Sponsored ADR | 046353108 |  | 69308889 | 1022255 | SH |  | SOLE |  | 69308889 | 0 | 0 |
| Avantor Inc. | Common | 05352A100 |  | 9690602 | 459488 | SH |  | SOLE |  | 9690602 | 0 | 0 |
| Beam Therapeutics Inc. | Common | 07373V105 |  | 618603 | 15817 | SH |  | SOLE |  | 618603 | 0 | 0 |
| BeiGene Ltd. | Sponsored ADR | 07725L102 |  | 4608183 | 20952 | SH |  | SOLE |  | 4608183 | 0 | 0 |
| Bellicum Pharmaceuticals Inc. | Common | 079481404 |  | 4320 | 6000 | SH |  | SOLE |  | 4320 | 0 | 0 |
| Bicycle Therapeutics PLC | Sponsored ADS | 088786108 |  | 2624810 | 88676 | SH |  | SOLE |  | 2624810 | 0 | 0 |
| BioCryst Pharmaceuticals Inc. | Common | 09058V103 |  | 7722653 | 672705 | SH |  | SOLE |  | 7722653 | 0 | 0 |
| Biogen Inc. | Common | 09062X103 |  | 54118476 | 195430 | SH |  | SOLE |  | 54118476 | 0 | 0 |
| Biohaven Ltd. | Common | G1110E107 |  | 487008 | 35087 | SH |  | SOLE |  | 487008 | 0 | 0 |
| BioMarin Pharmaceutical Inc. | Common | 09061G101 |  | 23884457 | 230790 | SH |  | SOLE |  | 23884457 | 0 | 0 |
| BioNTech SE | Sponsored ADS | 09075V102 |  | 15601549 | 103858 | SH |  | SOLE |  | 15601549 | 0 | 0 |
| Black Diamond Therapeutics Inc. | Common | 09203E105 |  | 237582 | 131990 | SH |  | SOLE |  | 237582 | 0 | 0 |
| Blueprint Medicines Corp. | Common | 09627Y109 |  | 2966375 | 67710 | SH |  | SOLE |  | 2966375 | 0 | 0 |
| Boston Scientific Corp. | Common | 101137107 |  | 35027084 | 757015 | SH |  | SOLE |  | 35027084 | 0 | 0 |
| Bristol-Myers Squibb Company | Common | 110122108 |  | 49467712 | 687529 | SH |  | SOLE |  | 49467712 | 0 | 0 |
| Cardiovascular Systems Inc. | Common | 141619106 |  | 2381580 | 174859 | SH |  | SOLE |  | 2381580 | 0 | 0 |
| Caribou Biosciences Inc. | Common | 142038108 |  | 3561683 | 567147 | SH |  | SOLE |  | 3561683 | 0 | 0 |
| Catalent Inc. | Common | 148806102 |  | 5668874 | 125947 | SH |  | SOLE |  | 5668874 | 0 | 0 |
| Cerevel Therapeutics Holdings Inc. | Common | 15678U128 |  | 5566274 | 176483 | SH |  | SOLE |  | 5566274 | 0 | 0 |
| Charles River Laboratories International Inc. | Common | 159864107 |  | 15835883 | 72675 | SH |  | SOLE |  | 15835883 | 0 | 0 |
| Cigna Corp. | Common | 125523100 |  | 60512956 | 182631 | SH |  | SOLE |  | 60512956 | 0 | 0 |
| Codexis Inc | Common | 192005106 |  | 322123 | 69125 | SH |  | SOLE |  | 322123 | 0 | 0 |
| Community Health Systems Inc. | Common | 203668108 |  | 381607 | 88335 | SH |  | SOLE |  | 381607 | 0 | 0 |
| Community Healthcare Trust Inc. | Common | 20369C106 |  | 533420 | 14900 | SH |  | SOLE |  | 533420 | 0 | 0 |
| Corbus Pharmaceuticals Holdings Inc. | Common | 21833P103 |  | 17051 | 154310 | SH |  | SOLE |  | 17051 | 0 | 0 |
| Crinetics Pharmaceuticals Inc. | Common | 22663K107 |  | 839256 | 45861 | SH |  | SOLE |  | 839256 | 0 | 0 |
| CRISPR Therapeutics AG | Namen AKT | H17182108 |  | 2239002 | 55080 | SH |  | SOLE |  | 2239002 | 0 | 0 |
| CVS Health Corp. | Common | 126650100 |  | 8724541 | 93621 | SH |  | SOLE |  | 8724541 | 0 | 0 |
| Cytokinetics Inc. | Common | 23282W605 |  | 3442869 | 75139 | SH |  | SOLE |  | 3442869 | 0 | 0 |
| Danaher Corp. | Common | 235851102 |  | 28052240 | 105690 | SH |  | SOLE |  | 28052240 | 0 | 0 |
| Denali Therapeutics Inc. | Common | 24823R105 |  | 7578781 | 272520 | SH |  | SOLE |  | 7578781 | 0 | 0 |
| Dexcom Inc. | Common | 252131107 |  | 24688019 | 218015 | SH |  | SOLE |  | 24688019 | 0 | 0 |
| Diversified Healthcare Trust | Common | 25525P107 |  | 231373 | 357720 | SH |  | SOLE |  | 231373 | 0 | 0 |
| Edgewise Therapeutics Inc. | Common | 28036F105 |  | 1743524 | 195025 | SH |  | SOLE |  | 1743524 | 0 | 0 |
| Edwards Lifesciences Corp. | Common | 28176E108 |  | 12787259 | 171388 | SH |  | SOLE |  | 12787259 | 0 | 0 |
| Elevance Health Inc. | Common | 036752103 |  | 7511933 | 14644 | SH |  | SOLE |  | 7511933 | 0 | 0 |
| Eli Lilly and Company | Common | 532457108 |  | 105697395 | 288917 | SH |  | SOLE |  | 105697395 | 0 | 0 |
| Fulcrum Therapeutics Inc. | Common | 359616109 |  | 426149 | 58537 | SH |  | SOLE |  | 426149 | 0 | 0 |
| Fusion Pharmaceuticals Inc. | Common | 36118A100 |  | 136691 | 43394 | SH |  | SOLE |  | 136691 | 0 | 0 |
| G1 Therapeutics Inc. | Common | 3621LQ109 |  | 2301609 | 423869 | SH |  | SOLE |  | 2301609 | 0 | 0 |
| Galera Therapeutics Inc. | Common | 36338D108 |  | 1338577 | 898374 | SH |  | SOLE |  | 1338577 | 0 | 0 |
| Gilead Sciences Inc. | Common | 375558103 |  | 129671274 | 1510440 | SH |  | SOLE |  | 129671274 | 0 | 0 |
| Global Medical REIT Inc. | Common | 37954A204 |  | 1658024 | 174897 | SH |  | SOLE |  | 1658024 | 0 | 0 |
| GSK plc ADR | Sponsored ADR | 37733W204 |  | 1470679 | 41852 | SH |  | SOLE |  | 1470679 | 0 | 0 |
| Guardant Health Inc. | Common | 40131M109 |  | 12843405 | 472184 | SH |  | SOLE |  | 12843405 | 0 | 0 |
| Harpoon Therapeutics Inc. | Common | 41358P106 |  | 188617 | 259910 | SH |  | SOLE |  | 188617 | 0 | 0 |
| HCA Healthcare Inc. | Common | 40412C101 |  | 25196520 | 105003 | SH |  | SOLE |  | 25196520 | 0 | 0 |
| Healthcare Realty Trust Inc. | Common | 42226K105 |  | 3366199 | 174686 | SH |  | SOLE |  | 3366199 | 0 | 0 |
| HealthEquity Inc. | Common | 42226A107 |  | 6793591 | 110214 | SH |  | SOLE |  | 6793591 | 0 | 0 |
| Healthpeak Properties Inc. | Common | 42250P103 |  | 3770327 | 150392 | SH |  | SOLE |  | 3770327 | 0 | 0 |
| Horizon Therapeutics plc | Common | G46188101 |  | 47233031 | 415053 | SH |  | SOLE |  | 47233031 | 0 | 0 |
| Humana Inc. | Common | 444859102 |  | 39803821 | 77713 | SH |  | SOLE |  | 39803821 | 0 | 0 |
| I-Mab | Sponsored ADS | 44975P103 |  | 679584 | 162580 | SH |  | SOLE |  | 679584 | 0 | 0 |
| Icon  plc | Shares | G4705A100 |  | 1813130 | 9334 | SH |  | SOLE |  | 1813130 | 0 | 0 |
| IDEAYA Biosciences Inc. | Common | 45166A102 |  | 2419971 | 133185 | SH |  | SOLE |  | 2419971 | 0 | 0 |
| IDEXX Laboratories Inc. | Common | 45168D104 |  | 27767797 | 68065 | SH |  | SOLE |  | 27767797 | 0 | 0 |
| Illumina Inc. | Common | 452327109 |  | 64695508 | 319958 | SH |  | SOLE |  | 64695508 | 0 | 0 |
| Intellia Therapeutics Inc. | Common | 45826J105 |  | 5382445 | 154269 | SH |  | SOLE |  | 5382445 | 0 | 0 |
| Intercept Pharmaceuticals Inc. | Common | 45845P108 |  | 644069 | 52067 | SH |  | SOLE |  | 644069 | 0 | 0 |
| Intra-Cellular Therapies Inc. | Common | 46116X101 |  | 9121873 | 172371 | SH |  | SOLE |  | 9121873 | 0 | 0 |
| Intuitive Surgical Inc. | Common | 46120E602 |  | 29899638 | 112680 | SH |  | SOLE |  | 29899638 | 0 | 0 |
| Ionis Pharmaceuticals Inc. | Common | 462222100 |  | 3317717 | 87840 | SH |  | SOLE |  | 3317717 | 0 | 0 |
| IQVIA Holdings Inc. | Common | 46266C105 |  | 12932042 | 63117 | SH |  | SOLE |  | 12932042 | 0 | 0 |
| Ishares Biothechnology ETF | Common | 464287556 |  | 3225664 | 24569 | SH |  | SOLE |  | 3225664 | 0 | 0 |
| Jazz Pharmaceuticals plc | Shares | G50871105 |  | 29119000 | 182782 | SH |  | SOLE |  | 29119000 | 0 | 0 |
| Johnson  Johnson | Common | 478160104 |  | 112999295 | 639679 | SH |  | SOLE |  | 112999295 | 0 | 0 |
| Karuna Therapeutics Inc. | Common | 48576A100 |  | 10503318 | 53452 | SH |  | SOLE |  | 10503318 | 0 | 0 |
| Koninklijke Philips N.V. | NY Reg Shares | 500472303 |  | 1646801 | 109860 | SH |  | SOLE |  | 1646801 | 0 | 0 |
| Kura Oncology Inc. | Common | 50127T109 |  | 3515517 | 283281 | SH |  | SOLE |  | 3515517 | 0 | 0 |
| Laboratory Corporation of America Holdings | Common | 50540R409 |  | 10394558 | 44142 | SH |  | SOLE |  | 10394558 | 0 | 0 |
| Lantheus Holdings Inc. | Common | 516544103 |  | 17472757 | 342872 | SH |  | SOLE |  | 17472757 | 0 | 0 |
| LTC Properties Inc. | Common | 502175102 |  | 6476870 | 182293 | SH |  | SOLE |  | 6476870 | 0 | 0 |
| Mallinckrodt plc | Shares | G5890A102 |  | 271622 | 35048 | SH |  | SOLE |  | 271622 | 0 | 0 |
| McKesson Corp. | Common | 58155Q103 |  | 24928600 | 66455 | SH |  | SOLE |  | 24928600 | 0 | 0 |
| Medical Properties Trust Inc. | Common | 58463J304 |  | 4586817 | 411743 | SH |  | SOLE |  | 4586817 | 0 | 0 |
| Medpace Holdings Inc. | Common | 58506Q109 |  | 2004088 | 9435 | SH |  | SOLE |  | 2004088 | 0 | 0 |
| Medtronic plc | Shares | G5960L103 |  | 25350088 | 326172 | SH |  | SOLE |  | 25350088 | 0 | 0 |
| Merck  Co. Inc. | Common | 58933Y105 |  | 61257936 | 552122 | SH |  | SOLE |  | 61257936 | 0 | 0 |
| Mereo BioPharma Group plc | ADS | 589492107 |  | 1163312 | 1551082 | SH |  | SOLE |  | 1163312 | 0 | 0 |
| Merus N.V. | Common | N5749R100 |  | 1428268 | 92325 | SH |  | SOLE |  | 1428268 | 0 | 0 |
| Mirati Therapeutics Inc. | Common | 60468T105 |  | 2967352 | 65490 | SH |  | SOLE |  | 2967352 | 0 | 0 |
| Moderna Inc. | Common | 60770K107 |  | 47586188 | 264927 | SH |  | SOLE |  | 47586188 | 0 | 0 |
| Molina Healthcare Inc. | Common | 60855R100 |  | 24309145 | 73615 | SH |  | SOLE |  | 24309145 | 0 | 0 |
| MoonLake Immunotherapeutics AG | Common | 61559X104 |  | 3150000 | 300000 | SH |  | SOLE |  | 3150000 | 0 | 0 |
| Morphic Holding Inc. | Common | 61775R105 |  | 1193719 | 44625 | SH |  | SOLE |  | 1193719 | 0 | 0 |
| MorphoSys AG | Sponsored ADS | 617760202 |  | 293084 | 81867 | SH |  | SOLE |  | 293084 | 0 | 0 |
| Natera Inc. | Common | 632307104 |  | 1979256 | 49272 | SH |  | SOLE |  | 1979256 | 0 | 0 |
| National Health Investors Inc. | Common | 63633D104 |  | 524184 | 10038 | SH |  | SOLE |  | 524184 | 0 | 0 |
| Neurocrine Biosciences Inc. | Common | 64125C109 |  | 13485732 | 112908 | SH |  | SOLE |  | 13485732 | 0 | 0 |
| NexGel Inc. | Common | 65344E107 |  | 5304 | 4243 | SH |  | SOLE |  | 5304 | 0 | 0 |
| Nkarta Inc. | Common | 65487U108 |  | 173638 | 28988 | SH |  | SOLE |  | 173638 | 0 | 0 |
| Novartis AG | Sponsored ADR | 66987V109 |  | 12358332 | 136225 | SH |  | SOLE |  | 12358332 | 0 | 0 |
| Novavax Inc. | Common | 670002401 |  | 655864 | 63800 | SH |  | SOLE |  | 655864 | 0 | 0 |
| Novo Nordisk A/S | Sponsored ADR | 670100205 |  | 17664983 | 130523 | SH |  | SOLE |  | 17664983 | 0 | 0 |
| Omega Healthcare Investors Inc. | Common | 681936100 |  | 8564802 | 306433 | SH |  | SOLE |  | 8564802 | 0 | 0 |
| Option Care Health Inc. | Common | 68404L201 |  | 1955098 | 64975 | SH |  | SOLE |  | 1955098 | 0 | 0 |
| Perrigo Company plc | Shares | G97822103 |  | 1746226 | 51224 | SH |  | SOLE |  | 1746226 | 0 | 0 |
| Pfizer Inc. | Common | 717081103 |  | 74665391 | 1457170 | SH |  | SOLE |  | 74665391 | 0 | 0 |
| Physicians Realty Trust | Common | 71943U104 |  | 2441682 | 168741 | SH |  | SOLE |  | 2441682 | 0 | 0 |
| Pliant Therapeutics Inc. | Common | 729139105 |  | 681054 | 35233 | SH |  | SOLE |  | 681054 | 0 | 0 |
| Praxis Precision Medicines Inc. | Common | 74006W108 |  | 178500 | 75000 | SH |  | SOLE |  | 178500 | 0 | 0 |
| Precision BioSciences Inc. | Common | 74019P108 |  | 267195 | 224534 | SH |  | SOLE |  | 267195 | 0 | 0 |
| Prometheus Biosciences Inc. | Common | 74349U108 |  | 4206070 | 38237 | SH |  | SOLE |  | 4206070 | 0 | 0 |
| Protagonist Therapeutics Inc. | Common | 74366E102 |  | 1333977 | 122271 | SH |  | SOLE |  | 1333977 | 0 | 0 |
| Pyxis Oncology Inc. | Common | 747324101 |  | 949126 | 708303 | SH |  | SOLE |  | 949126 | 0 | 0 |
| R1 RCM Inc. | Common | 77634L105 |  | 2215743 | 202351 | SH |  | SOLE |  | 2215743 | 0 | 0 |
| Rallybio Corporation | Common | 75120L100 |  | 11346830 | 1727067 | SH |  | SOLE |  | 11346830 | 0 | 0 |
| Regeneron Pharmaceuticals Inc. | Common | 75886F107 |  | 87200724 | 120862 | SH |  | SOLE |  | 87200724 | 0 | 0 |
| Repare Therapeutics Inc. | Common | 760273102 |  | 428797 | 29150 | SH |  | SOLE |  | 428797 | 0 | 0 |
| ResMed Inc. | Common | 761152107 |  | 12633283 | 60699 | SH |  | SOLE |  | 12633283 | 0 | 0 |
| Sabra Health Care REIT Inc. | Common | 78573L106 |  | 6347504 | 510660 | SH |  | SOLE |  | 6347504 | 0 | 0 |
| Sanofi | Sponsored ADR | 80105N105 |  | 5978877 | 123454 | SH |  | SOLE |  | 5978877 | 0 | 0 |
| Sarepta Therapeutics Inc. | Common | 803607100 |  | 18265467 | 140959 | SH |  | SOLE |  | 18265467 | 0 | 0 |
| Scholar Rock Holding Corp. | Common | 80706P103 |  | 984939 | 108833 | SH |  | SOLE |  | 984939 | 0 | 0 |
| Seagen Inc. | Common | 81181C104 |  | 14420621 | 112214 | SH |  | SOLE |  | 14420621 | 0 | 0 |
| Smith  Nephew plc | Sponsored ADR | 83175M205 |  | 4886182 | 181710 | SH |  | SOLE |  | 4886182 | 0 | 0 |
| SPDR S Biotech ETF | S Biotech ETF | 78464A870 |  | 12257191 | 147677 | SH |  | SOLE |  | 12257191 | 0 | 0 |
| Spectrum Pharmaceuticals Inc. | Common | 84763A108 |  | 42256 | 114670 | SH |  | SOLE |  | 42256 | 0 | 0 |
| STERIS plc | Shares | G8473T100 |  | 3078598 | 16669 | SH |  | SOLE |  | 3078598 | 0 | 0 |
| Stevanato Group Societa' Per Azioni | Ordinary Shares | T9224W109 |  | 1279284 | 71190 | SH |  | SOLE |  | 1279284 | 0 | 0 |
| Stryker Corp. | Common | 863667101 |  | 40127655 | 164128 | SH |  | SOLE |  | 40127655 | 0 | 0 |
| Sutro Biopharma Inc. | Common | 869367102 |  | 1192050 | 147531 | SH |  | SOLE |  | 1192050 | 0 | 0 |
| Syndax Pharmaceuticals Inc. | Common | 87164F105 |  | 2995898 | 117717 | SH |  | SOLE |  | 2995898 | 0 | 0 |
| Takeda Pharmaceutical Company Ltd. | Sponsored ADS | 874060205 |  | 1639139 | 105073 | SH |  | SOLE |  | 1639139 | 0 | 0 |
| Teva Pharmaceutical Industries Ltd. | Sponsored ADR | 881624209 |  | 4192017 | 459651 | SH |  | SOLE |  | 4192017 | 0 | 0 |
| Thermo Fisher Scientific Inc. | Common | 883556102 |  | 51602406 | 93705 | SH |  | SOLE |  | 51602406 | 0 | 0 |
| Theseus Pharmaceuticals Inc. | Common | 88369M101 |  | 498000 | 100000 | SH |  | SOLE |  | 498000 | 0 | 0 |
| Travere Therapeutics Inc. | Common | 89422G107 |  | 8801476 | 418520 | SH |  | SOLE |  | 8801476 | 0 | 0 |
| TScan Therapeutics Inc. | Common | 89854M101 |  | 326000 | 200000 | SH |  | SOLE |  | 326000 | 0 | 0 |
| Ultragenyx Pharmaceutical Inc. | Common | 90400D108 |  | 3107121 | 67065 | SH |  | SOLE |  | 3107121 | 0 | 0 |
| uniQure N.V. | Shares | N90064101 |  | 14790951 | 652446 | SH |  | SOLE |  | 14790951 | 0 | 0 |
| United Therapeutics Corp. | Common | 91307C102 |  | 32001763 | 115077 | SH |  | SOLE |  | 32001763 | 0 | 0 |
| Unitedhealth Group Inc. | Common | 91324P102 |  | 143438078 | 270546 | SH |  | SOLE |  | 143438078 | 0 | 0 |
| Universal Health Realty Income Trust | Common | 91359E105 |  | 537344 | 11258 | SH |  | SOLE |  | 537344 | 0 | 0 |
| Vaxcyte Inc. | Common | 92243G108 |  | 239750 | 5000 | SH |  | SOLE |  | 239750 | 0 | 0 |
| VectivBio Holding AG | Common | H9060V101 |  | 6351631 | 737704 | SH |  | SOLE |  | 6351631 | 0 | 0 |
| Ventas Inc. | Common | 92276F100 |  | 3003979 | 66681 | SH |  | SOLE |  | 3003979 | 0 | 0 |
| Vertex Pharmaceuticals Inc. | Common | 92532F100 |  | 95396452 | 330343 | SH |  | SOLE |  | 95396452 | 0 | 0 |
| VYNE Therapeutics Inc. | Common | 92941V209 |  | 20309 | 135395 | SH |  | SOLE |  | 20309 | 0 | 0 |
| Welltower Inc. | Common | 95040Q104 |  | 2719276 | 41484 | SH |  | SOLE |  | 2719276 | 0 | 0 |
| Xencor Inc. | Common | 98401F105 |  | 5216541 | 200328 | SH |  | SOLE |  | 5216541 | 0 | 0 |
| Xenon Pharmaceuticals Inc. | Common | 98420N105 |  | 3300843 | 83714 | SH |  | SOLE |  | 3300843 | 0 | 0 |
| Zai Lab Ltd. | ADR | 98887Q104 |  | 1329310 | 43300 | SH |  | SOLE |  | 1329310 | 0 | 0 |
| Zimmer Biomet Holdings Inc. | Common | 98956P102 |  | 33005670 | 258868 | SH |  | SOLE |  | 33005670 | 0 | 0 |
| Zoetis Inc. | Class A | 98978V103 |  | 20064747 | 136914 | SH |  | SOLE |  | 20064747 | 0 | 0 |

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