Distribution policy: The Fund has implemented a managed distribution policy (the Policy) that provides for quarterly distributions at a rate set by the Board of Trustees. Under the current Policy, the Fund intends to make quarterly distributions at a rate of 2% of the Fund's net assets to shareholders of record. The Policy would result in a return of capital to shareholders, if the amount of the distribution exceeds the Fund's net investment income and realized capital gains. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported in the Fund's notices pursuant to Section 19(a) of the Investment Company Act of 1940 are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that tells you how to report distributions for federal income tax purposes.

You should not draw any conclusions about the Fund's investment performance from the amount of distributions pursuant to the Policy or from the terms of the Policy. The Policy has been established by the Trustees and may be changed or terminated by them without shareholder approval. The Trustees regularly review the Policy and the frequency and rate of distributions considering the purpose and effect of the Policy, the financial market environment, and the Fund's income, capital gains and capital available to pay distributions. The suspension or termination of the Policy could have the effect of creating a trading discount or widening an existing trading discount. At this time there are no reasonably foreseeable circumstances that might cause the Trustees to terminate the Policy.

Consider these risks before investing: As with any investment company that invests in equity securities, the Fund is subject to market risk—the possibility that the prices of equity securities will decline over short or extended periods of time. As a result, the value of an investment in the Fund's shares will fluctuate with the market generally and market sectors in particular. You could lose money over short or long periods of time. Political and economic news can influence marketwide trends and can cause disruptions in the U.S. or world financial markets. Other factors may be ignored by the market as a whole but may cause movements in the price of one company's stock or the stock of companies in one or more industries. All of these factors may have a greater impact on initial public offerings and emerging company shares. Different types of equity securities tend to shift into and out of favor with investors, depending on market and economic conditions. The performance of funds that invest in equity securities of healthcare companies may at times be better or worse than the performance of funds that focus on other types of securities or that have a broader investment style.

Dear Shareholders,

Many of us have spent the last two years constrained in how we live our lives. More than eighty million Americans have been sick while nearly a million have lost their lives to COVID-19. An enormous number of Americans of all ages have been damaged financially, socially, educationally and/or medically. However, as of early May 2022, we appear to be approaching a time when we can resume what we were doing pre-COVID-19. This should allow us to address much of what has been lost or delayed by the pandemic. This is the good news.

The bad news is that things are not perfect from an economic or markets point of view. The broad market was down as COVID-19 came to the fore and then rose dramatically through much of 2020 and 2021 as the government did all it could to stimulate the economy while keeping rates low. However, there is a limit to how long this approach can continue and still be effective. The broad market has been weak so far in 2022, particularly lately. Based on data to date, it looks that we are in for a protracted period of high inflation. This will cause the Federal Reserve to continue to increase rates, perhaps significantly. GDP has already slowed; it seems likely that GDP will be impaired further with a real possibility that the U.S. experiences a recession. These prospects will almost certainly have a continued negative impact on the stock market. April 2022 was not a good month for the broad stock market. It remains to be seen where the market goes from here.

The macroeconomic impact on the healthcare sector market has varied by subsector. Large cap, profitable healthcare companies in the pharmaceutical and biotech subsectors, for example, have traditionally been seen as defensive and have fared relatively well of late. However, smaller cap not-yet profitable healthcare companies, particularly in the biotech sector, have not done well. In fact, this group peaked in early 2021 and has been in decline since. For reference, we note that in 2022 through April 30, the broad S&P 500^® Index* (SPX) is down almost 13%. In the same timeframe, large healthcare companies in the broader S&P Composite 1500^® Health Care Index* (S15HLTH) are down about 8% while more volatile small- and mid- cap (SMID) biotech companies, (as evidenced by the SPDR^® S&P^® Biotech ETF* (XBI), which are expected to be weak in rising rate environments, are down 34%.

Largest Holdings by Issuer

(Excludes Short-Term Investments)

As of March 31, 2022
(Unaudited)

Issuer – Sector	% of Net Assets
Amgen, Inc. – Biotechnology		8.3	%
Regeneron Pharmaceuticals, Inc. – Biotechnology		7.2	%
Gilead Sciences, Inc. – Biotechnology		7.0	%
Vertex Pharmaceuticals, Inc. – Biotechnology		5.7	%
Illumina, Inc. – Life Sciences Tools & Services		5.2	%
Horizon Therapeutics plc – Pharmaceuticals		4.9	%
Seagen, Inc. – Biotechnology		4.0	%
Moderna, Inc. – Biotechnology		3.8	%
Alnylam Pharmaceuticals, Inc. – Biotechnology		2.5	%
AstraZeneca plc ADR – Pharmaceuticals		1.9	%
Syneos Health, Inc. – Healthcare Services		1.5	%
BioNTech SE ADR – Biotechnology		1.5	%
Biogen, Inc. – Biotechnology		1.4	%
Sarepta Therapeutics, Inc. – Biotechnology		1.3	%
Intra-Cellular Therapies, Inc. – Pharmaceuticals		1.2	%
Hotspot Therapeutics, Inc. – Biotechnology		1.2	%
Cytokinetics, Inc. – Biotechnology		1.0	%
BioMarin Pharmaceutical, Inc. – Biotechnology		1.0	%
Ultragenyx Pharmaceutical, Inc. – Biotechnology		1.0	%
Karuna Therapeutics, Inc. – Biotechnology		1.0	%

Fund Performance

HQL is a closed-end fund which invests predominantly in life science companies. Subject to regular consideration, the Trustees of HQL have instituted a policy of making quarterly distributions to shareholders. The Fund seeks to make such distributions in the form of long-term capital gains.

The Fund considers investments in companies of all sizes and in all life science subsectors, including but not limited to, biotechnology, pharmaceuticals, healthcare equipment, healthcare supplies, life science tools and services, healthcare distributors, managed healthcare, healthcare technology, and healthcare facilities. The Fund emphasizes innovation, investing both in public and pre-public venture companies. The Fund considers its venture investments to be a differentiating characteristic. Among the various healthcare subsectors, HQL has considered the biotechnology subsector, including both pre-public and public companies, to be a key contributor to the healthcare sector. The Fund holds biotech assets, including both public and pre-public, often representing 65-80% of net assets.

There is no commonly published index which matches the investment strategy of HQL. The S&P Composite 1500^® Health Care Index* (S15HLTH) consists of approximately 180 companies representing most or all of the healthcare subsectors in which HQL typically invests; biotechnology often represents 15-20% of this index. By contrast, the NASDAQ Biotechnology Index^®* (NBI), which contains roughly 370 constituents, is much more narrowly constructed. The vast majority of this index is comprised of biotechnology, pharmaceutical and life science tools companies. In recent years, biotechnology has often represented 72-82% of the NBI. Neither the S15HLTH nor NBI indices contain any material amount of pre-public company assets.

Given the circumstances, we present both NAV and stock returns for the Fund in comparison to several commonly published indices. One index, the S&P 500^® Index* (SPX), is a commonly considered broad based index; this index is comprised of companies in many areas of the economy, including, but not limited to healthcare. As described above, the NBI is a healthcare index mostly focused in three healthcare sectors with a uniquely high level of biotechnology by comparison. The S15HLTH contains a wider representation of healthcare subsectors, but typically contains a much lower biotechnology composition.

HQL generally invests in a combination of large-cap growth-oriented and earlier stage innovative healthcare companies with a focus on the biotechnology sector. Generally, HQL targets biotechnology exposure below that of the NBI and a higher biotechnology exposure than that of the S15HLTH. We note that in recent periods, biotechnology has been a significant contributor to returns (both positive and negative) associated with those indices. We believe this sector continues to have significant potential for growth in the future.

Fund Performance for the Period Ended March 31, 2022

Period	HQL NAV		HQL MKT		NBI		S15HLTH		SPX
6 month		-14.59		-16.79		-17.72		7.11		5.91
1 year		-8.95		-8.68		-11.16		17.20		15.63
5 year		5.43		5.61		6.93		15.11		15.98
10 year		11.00		11.17		13.06		16.01		14.63

Change in the value of a $10,000 investment

Cumulative total return from 3/31/2012 to 3/31/2022

All performance over one-year has been annualized. Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. The NAV total return takes into account the Fund's total annual expenses and does not reflect transaction charges. If transaction charges were reflected, NAV total return would be reduced. All distributions are assumed to be reinvested either in accordance with the dividend reinvestment plan (DRIP) for market price returns or NAV for NAV returns. Until the DRIP price is available from the Plan Agent, the market price returns reflect the reinvestment at the closing market price on the last business day of the month. Once the DRIP is available around mid-month, the market price returns are updated to reflect reinvestment at the DRIP price. The graph and table do not reflect the deduction of taxes a shareholder would pay on fund distributions or the sale of fund shares. The Risk Adjusted NASDAQ Biotechnology Index^® computed by Tekla using Bloomberg data for the NBI and applying the fund's computed 0.90 beta to NBI performance to reflect the fund's lower historical risk

Portfolio Management Commentary

Fund and Benchmark Performance and Other Influencing Factors

For the 6-month period ending March 31, 2022, the Fund net asset value was down 14.6% and market value down 16.8%. Over the same period the NBI declined 17.7%.

The largest positive contribution to Fund relative performance was company stock selection and an underweight allocation to small and midcap biotechnology companies. Two overweight positions in the period that contributed positively to performance were Intra-Cellular Therapies, Inc. (ITCI), up 64%, and Arena Pharmaceuticals (ARNA), up 68%. Intra-Cellular Therapies stock outperformed due to strong initial sales for Caplyta, which was recently approved in a new indication, bipolar depression. On March 4, 2022, Pfizer, Inc. (PFE) completed its over $6 billion acquisition (a 79% premium) of Arena Pharmaceuticals (ARNA), which is developing treatments for inflammatory bowel disease. The Fund benefited from a large underweight to Moderna, Inc., which fell 55% in the period as investors more appreciated the Company's

declining recurring revenue from COVID-19 vaccines. The Fund benefited from an underweight allocation to small and midcap biotechnology companies, which returned -56% and -26% respectively in the past 6 months.

The largest negative contribution to Fund relative performance was Company stock selection. One overweight position in the period that contributed negatively to performance was Rallybio Corp. (RLYB), down 60% in the past six months. Rallybio is typical among the group of early stage biotechs that underperformed in the period as investors shied away from companies with uncertain value-inflecting clinical milestones farther off in the future. Two underweight positions in the period that contributed negatively to relative performance were Amgen, Inc. (AMGN), up 16%, and AstraZeneca plc (AZN), up 12%. Amgen and AstraZeneca's outperformance in the period reflected a shift in investor sentiment to favor large, low valuation companies with near-term revenue certainty.

Portfolio Highlights as of March 31, 2022

Among other investments, Tekla Life Sciences Investors' performance benefited in the past six months by the following:

Moderna, Inc. (MRNA) is a vaccine company based on a new therapeutic modality, messenger RNA. The Company has multiple development programs in the clinic but is most well-known for its commercially successful vaccine candidate targeting the COVID-19 virus. At its peak in summer 2021, Moderna had a market capitalization of nearly $200 billion with roughly $20 billion in COVID-19 vaccines sales expected for 2021 and 2022. While the future path of the COVID-19 pandemic is uncertain, we decided the valuation for Moderna reflected too much optimism on the recurring nature of the booster vaccine business in the next decade. The Fund was underweight MRNA yielding benchmark relative performance in the period as its stock price declined sharply in accordance with diminished expectations for vaccine sales.

Intra-Cellular Therapies, Inc. (ITCI) is a mid-cap pharmaceutical company that markets Caplyta (lumateperone), an atypical antipsychotic with better tolerability than other agents in this class. Originally approved for the treatment of schizophrenia in 2019, Caplyta received a second FDA nod for bipolar depression in December 2021 and had a strong initial launch in this larger indication. The Fund has maintained an overweight position in this stock.

Arena Pharmaceuticals (ARNA) is a clinical stage company focused on the development of oral therapeutics for immuno-inflammatory diseases. Positive trial data for ARNA's lead asset, etrasimod, in inflammatory bowel disease led to a takeout offer by Pfizer for $6.7B in cash. The Fund was overweight ARNA, which had a strong positive return during this reporting period with the acquisition by Pfizer completed in March.

Among other examples, Tekla Life Sciences Investors' performance was negatively impacted by the following investments:

Amgen Inc (AMGN) is a large-cap biotechnology company with several older products facing biosimilar competition and price erosion. We believe its late-stage pipeline is not particularly deep although it does own Lumakras (a recently approved targeted cancer drug that may face competition from a similar therapy from Mirati Therapeutics, Inc.) and a recently approved asthma agent, Tezspire (whose sales are split with AstraZeneca plc). Because of this, the Fund has maintained an underweight position. During the past six months, AMGN has participated in the recent rally of large-cap biopharma stocks leading to underperformance.

AstraZeneca plc (AZN) is a large multinational pharmaceutical company with geographic sales exposure across developed and emerging markets in cancer and autoimmune therapeutics and also distributes a COVID-19 vaccine at cost. Along with other large cap biopharma companies, AZN had strong performance in the first quarter of 2022 and we have been underweight the stock.

Incyte Corp (INCY) is an oncology and dermatology focused large-cap biotechnology company. While Jakafi, the Company's legacy product for the treatment of myelofibrosis continues to be a key revenue driver growing at 10% over the past year, investor focus has shifted towards future sources of potential growth. The Company suffered an initial setback on this front as Opzelura, its topical treatment for atopic dermatitis (eczema) recently approved by the FDA, was saddled with a restrictive label raising concerns around its sales launch. However, since then, initial script trends has exceeded expectations thus far leading to Incyte's recent stock price appreciation. The Fund has maintained an underweight position in the stock leading to fund underperformance.

SHARES		CONVERTIBLE PREFERRED (Restricted) ^{(a) (b)} - 7.6% of Net Assets	VALUE
		Biotechnology - 4.6%
	140,000	Amphivena Therapeutics, Inc. Series B, 6.00%	$	14
	225,416	Amphivena Therapeutics, Inc. Series C, 6.00%		22
	38,624	Arbor Biotechnologies, Series B, 8.00%		640,000
	1,008,829	Arkuda Therapeutics, Inc. Series A, 6.00%		1,783,811
	208,939	Arkuda Therapeutics, Inc. Series B, 6.00%		369,446
	265,129	Dynacure Series C ^(c)		1,217,191
	1,291,668	Hotspot Therapeutics, Inc. Series B, 6.00%		4,186,167
	284,119	HotSpot Therapeutics, Inc. Series C, 6.00%		920,801
	480,000	ImmuneID, Inc. Series A, 8.00%		960,000
	3,229,167	Invetx, Inc. Series A, 8.00%		2,163,865
	1,387,853	Invetx, Inc. Series B, 8.00%		930,000
	117,704	Oculis SA, Series B2, 6.00%^(c)		1,252,371
	31,974	Oculis SA, Series C, 6.00% ^(c)		340,203
	248,630	Parthenon Therapeutics, Inc. Series A		984,615
	152,534	Priothera Ltd. Series A, 6.00% ^(c)		1,687,407
	731,121	Quell Therapeutics, Series B		1,381,819
	138,630	ReCode Therapeutics, Series B, 5.00%		1,279,998
				20,097,730
		Health Care Equipment & Supplies - 0.4%
	421,634	IO Light Holdings, Inc. Series A2		1,423,015
		Pharmaceuticals - 2.6%
	290,187	Aristea Therapeutics, Inc. Series B, 8.00%		1,600,004
	609,524	Biotheryx, Inc. Series E, 8.00%		3,200,001
	7,520,456	Curasen Therapeutics, Inc. Series A		3,606,059
	296,855	Endeavor Biomedicines, Inc. Series B, 8.00%		1,399,998
	1,305,163	HiberCell, Inc. Series B		1,599,999
				11,406,061
		TOTAL CONVERTIBLE PREFERRED (Cost $35,842,326)		32,926,806
PRINCIPAL AMOUNT		CONVERTIBLE NOTES (Restricted)^{(a) (b)} - 0.0% of Net Assets
		Biotechnology - 0.0%
$	129,996	Amphivena Therapeutics, Inc., 8.00% due 08/25/22		0
		TOTAL CONVERTIBLE NOTES (Cost $129,996)		0

SHARES		COMMON STOCKS AND WARRANTS - 87.4% of Net Assets	VALUE
		Biotechnology - 67.0%
	72,225	ACADIA Pharmaceuticals, Inc.^(a)	$	1,749,290
	63,329	Adicet Bio, Inc.^(a)		1,264,680
	208,624	Affimed N.V.^{(a) (c)}		911,687
	99,724	Alkermes plc^(a)		2,623,738
	66,682	Alnylam Pharmaceuticals, Inc.^(a)		10,888,504
	66,211	ALX Oncology Holdings, Inc.^(a)		1,118,966
	150,049	Amgen, Inc.		36,284,849
	66,125	Apellis Pharmaceuticals, Inc.^(a)		3,359,811
	32,461	ARCA biopharma, Inc.^(a)		74,660
	18,027	ARCA biopharma, Inc. Warrants (expiration 06/11/22, exercise price $109.82)^{(a) (b)}		0
	44,764	Arcutis Biotherapeutics, Inc.^(a)		862,155
	257,406	Ardelyx, Inc.^{(a) (d)}		275,424
	12,494	Argenx SE ADR^(a)		3,939,483
	46,875	Arrowhead Pharmaceuticals, Inc.^(a)		2,155,781
	24,385	Ascendis Pharma A/S ADR^(a)		2,861,824
	26,452	Avidity Biosciences, Inc.^(a)		488,568
	15,817	Beam Therapeutics, Inc.^(a)		906,314
	16,838	BeiGene Ltd. ADR^(a)		3,175,647
	6,000	Bellicum Pharmaceuticals, Inc.^(a)		12,960
	10,086	Bicycle Therapeutics PLC^(a)		442,574
	59,590	BioCryst Pharmaceuticals, Inc.^(a)		968,933
	29,554	Biogen, Inc.^(a)		6,224,072
	15,543	Biohaven Pharmaceutical Holding Co., Ltd.^(a)		1,842,934
	56,850	BioMarin Pharmaceutical, Inc.^(a)		4,383,135
	37,462	BioNTech SE ADR^{(a) (e)}		6,389,519
	41,586	Black Diamond Therapeutics, Inc.^{(a) (d)}		115,193
	29,527	Blueprint Medicines Corp.^(a)		1,886,185
	223,801	Caribou Biosciences, Inc.^(a)		2,054,493
	73,681	Cerevel Therapeutics Holdings, Inc.^(a)		2,579,572
	26,489	ChemoCentryx, Inc.^(a)		664,079
	154,310	Corbus Pharmaceuticals Holdings, Inc.^(a)		82,016
	55,080	CRISPR Therapeutics AG^{(a) (c)}		3,457,372
	119,898	Cytokinetics, Inc.^(a)		4,413,445
	78,828	Denali Therapeutics, Inc.^(a)		2,535,897
	65,351	Design Therapeutics, Inc.^(a)		1,055,419
	16,558	Fate Therapeutics, Inc.^(a)		641,954
	6,511	Fusion Pharmaceuticals, Inc.^{(a) (c)}		50,591
	223,377	G1 Therapeutics, Inc.^{(a) (d)}		1,697,665
	125,773	Galera Therapeutics, Inc.^{(a) (d)}		299,340
	513,799	Gilead Sciences, Inc.		30,545,351

SHARES		Biotechnology - continued	VALUE
	259,910	Harpoon Therapeutics, Inc.^(a)	$	1,291,753
	26,109	I-Mab ADR^(a)		424,010
	21,380	Intellia Therapeutics, Inc.^(a)		1,553,685
	18,630	Intercept Pharmaceuticals, Inc.^{(a) (d)}		303,110
	62,681	Ionis Pharmaceuticals, Inc.^(a)		2,321,704
	42,362	iTeos Therapeutics, Inc.^(a)		1,363,209
	33,204	Karuna Therapeutics, Inc.^(a)		4,209,935
	487,283	Mereo Biopharma Group plc ADR^(a)		545,757
	95,290	Merus N.V.^{(a) (c)}		2,519,468
	96,834	Moderna, Inc.^{(a) (e)}		16,680,625
	94,200	Moonlake Immunotherapeutics AG Class A (Restricted) ^{(a) (b)}		847,800
	35,025	Morphic Holding, Inc.^(a)		1,406,254
	42,992	Neurocrine Biosciences, Inc.^(a)		4,030,500
	1,273	NexGel, Inc.^(a)		2,431
	28,988	Nkarta, Inc.^(a)		329,883
	26,612	Novavax, Inc.^{(a) (d)}		1,959,974
	23,594	Praxis Precision Medicines, Inc.^(a)		240,895
	69,727	Precision BioSciences, Inc.^(a)		214,759
	22,115	Prometheus Biosciences, Inc.^(a)		835,062
	122,271	Protagonist Therapeutics, Inc.^(a)		2,895,377
	183,457	Pyxis Oncology, Inc. (Restricted)^{(a) (b)}		667,050
	43,200	Pyxis Oncology, Inc.^{(a) (d)}		174,528
	473,727	Rallybio Corp.^{(a) (d)}		3,306,614
	44,967	Regeneron Pharmaceuticals, Inc.^(a)		31,405,852
	29,150	Repare Therapeutics, Inc.^{(a) (c) (d)}		415,096
	73,400	Sarepta Therapeutics, Inc.^(a)		5,734,008
	40,716	Scholar Rock Holding Corp.^(a)		524,829
	120,906	Seagen, Inc.^(a)		17,416,509
	48,275	Sutro Biopharma, Inc.^(a)		396,821
	56,480	Syndax Pharmaceuticals, Inc.^(a)		981,622
	104,964	Travere Therapeutics, Inc.^(a)		2,704,922
	61,943	TScan Therapeutics, Inc.^(a)		173,440
	60,323	Ultragenyx Pharmaceutical, Inc.^(a)		4,380,656
	164,613	uniQure N.V.^{(a) (c)}		2,974,557
	21,167	United Therapeutics Corp.^(a)		3,797,572
	188,952	Vectivbio Holding AG^(a)		888,074
	95,571	Vertex Pharmaceuticals, Inc.^(a)		24,941,164
	33,162	Xencor, Inc.^(a)		884,762
	15,616	Zai Lab Ltd. ADR^(a)		686,792
				291,715,139

SHARES		Health Care Equipment & Supplies ^(a) - 1.5%	VALUE
	130,000	Cercacor Laboratories, Inc. (Restricted)^(b)	$	632,300
	44,542	Guardant Health, Inc.		2,950,462
	5,826	IDEXX Laboratories, Inc.		3,187,172
				6,769,934
		Health Care Providers & Services ^(a) - 0.4%
	4,496	Charles River Laboratories International, Inc.		1,276,729
	37,281	Contra Zogenix, Inc. CVR^(b)		56,667
	148,148	InnovaCare, Inc. Escrow Shares (Restricted)^(b)		38,296
	2,911	Medpace Holdings, Inc.		476,211
				1,847,903
		Healthcare Services ^(a) - 1.5%
	81,154	Syneos Health, Inc.		6,569,416
		Life Sciences Tools & Services ^(a) - 5.6%
	121,513	Adaptive Biotechnologies Corp.		1,686,600
	64,494	Illumina, Inc.		22,534,204
				24,220,804
		Pharmaceuticals - 11.2%
	34,619	Arvinas, Inc.^(a)		2,329,859
	122,588	AstraZeneca plc ADR		8,132,488
	58,380	Aurinia Pharmaceuticals, Inc.^{(a) (c)}		722,744
	60,550	Edgewise Therapeutics, Inc.^(a)		587,335
	29,100	Endo International plc^{(a) (c)}		67,221
	77,293	Fulcrum Therapeutics, Inc.^(a)		1,827,980
	203,785	Horizon Therapeutics plc^(a)		21,440,220
	87,969	Intra-Cellular Therapies, Inc.^(a)		5,382,823
	25,203	Jazz Pharmaceuticals plc^(a)		3,923,351
	28,691	Mirati Therapeutics, Inc.^(a)		2,358,974
	34,880	Spectrum Pharmaceuticals, Inc.^(a)		44,995
	14,218	Tetraphase Pharmaceuticals, Inc. CVR^{(a) (b)}		853
	31,000	Theseus Pharmaceuticals, Inc.^{(a) (d)}		357,430
	315,800	Verona Pharma plc ADR^(a)		1,575,842
	371,622	Verona Pharma plc Warrants (expiration 04/27/22, exercise price $2.72)^{(a) (b) (c)}		0
	40,620	VYNE Therapeutics, Inc.^{(a) (d)}		26,407
				48,778,522
		Special Purpose Acquisition Company ^(a) - 0.2%
	78,403	Helix Acquisition Corp.		870,273
		TOTAL COMMON STOCKS AND WARRANTS (Cost $313,870,834)		380,771,991

SHARES		EXCHANGE TRADED FUND ^(d) - 0.6% of Net Assets	VALUE
	29,655	SPDR S&P Biotech ETF	$	2,665,391
		TOTAL EXCHANGE TRADED FUND (Cost $2,710,055)		2,665,391
PRINCIPAL AMOUNT		SHORT-TERM INVESTMENTS - 5.1% of Net Assets
$	13,943,000	Repurchase Agreement, Fixed Income Clearing Corp., repurchase value $13,943,000, 0.00%, dated 03/31/22, due 04/01/22 (collateralized by U.S. Treasury Note 1.5%, due 11/30/28, market value $14,221,893)		13,943,000
SHARES
	8,478,345	State Street Institutional U.S. Government Money Market Fund, Institutional Class, 0.22% ^(f)		8,478,345
		TOTAL SHORT-TERM INVESTMENTS (Cost $22,421,345)		22,421,345
		TOTAL INVESTMENTS BEFORE MILESTONE INTERESTS - 100.7% (Cost $374,974,556)		438,785,533
INTERESTS		MILESTONE INTERESTS (Restricted)^{(a) (b)} - 1.4% of Net Assets
		Biotechnology - 0.2%
	1	Rainier Therapeutics Milestone Interest		180,497
	1	Therachon Milestone Interest		566,308
				746,805
		Health Care Equipment & Supplies - 0.0%
	1	Therox Milestone Interest		1,321
		Pharmaceuticals - 1.2%
	1	Afferent Milestone Interest		126,585
	1	Ethismos Research Milestone Interest		0
	1	Impact Biomedicines Milestone Interest		1,226,705
	1	Neurovance Milestone Interest		4,098,518
				5,451,808
		TOTAL MILESTONE INTERESTS (Cost $4,771,622)		6,199,934

NUMBER OF CONTRACTS (100 SHARES EACH)/ NOTIONAL AMOUNT ($)		OPTION CONTRACTS WRITTEN - 0.0% of Net Assets	VALUE
		Call Option Contracts Written - 0.0%
	48/(912,000)	BioNTech SE May22 190 Call	$	(42,864	)
	121/(2,238,500)	Moderna, Inc. May22 185 Call		(166,980	)
		TOTAL CALL OPTION CONTRACTS WRITTEN (Premiums received $(291,667))		(209,844	)
		TOTAL INVESTMENTS - 102.1% (Cost $379,454,511)		444,775,623
		OTHER LIABILITIES IN EXCESS OF ASSETS - (2.1)%		(9,300,735	)
		NET ASSETS - 100%	$	435,474,888

(a) Non-income producing security.

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

(d) All or a portion of this security is on loan as of March 31, 2022. See Note 1.

(e) A portion of security is pledged as collateral for call option written.

(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 March 31, 2022.

ADR American Depository Receipt

CVR Contingent Value Right

ASSETS:
Investments, at value including $8,130,231 of securities loaned (cost $374,974,556)	$	438,785,533
Milestone interests, at value (cost $4,771,622)		6,199,934
Total investments		444,985,467
Cash		292,402
Dividends and interest receivable		6,240
Securities lending income receivable		5,592
Receivable for investments sold		3,087,377
Prepaid expenses		31,953
Other assets (see Note 1)		2,204
Total assets		448,411,235
LIABILITIES:
Payable for investments purchased		3,541,858
Accrued advisory fee		390,848
Accrued investor support service fees		17,107
Accrued shareholder reporting fees		71,036
Payable upon return of securities loaned		8,478,345
Options written, at value (premium received $291,667)		209,844
Accrued other		227,309
Total liabilities		12,936,347
Commitments and Contingencies (see Notes 1 and 4)
NET ASSETS	$	435,474,888
SOURCES OF NET ASSETS:
Shares of beneficial interest, par value $.01 per share, unlimited number of shares authorized, amount paid in on 25,144,038 shares issued and outstanding	$	251,440
Additional paid-in-capital		380,886,684
Total distributable earnings (loss)		54,336,764
Total net assets (equivalent to $17.32 per share based on 25,144,038 shares outstanding)	$	435,474,888

INVESTMENT INCOME:
Dividend income	$	1,365,422
Securities lending		64,713
Interest and other income		5,173
Total investment income		1,435,308
EXPENSES:
Advisory fees		2,485,141
Investor support service fees		114,781
Shareholder reporting		81,456
Legal fees		80,526
Trustees' fees and expenses		76,247
Custodian fees		60,545
Administration fees		60,280
Auditing fees		58,813
Transfer agent fees		27,341
Other (see Note 2)		78,025
Total expenses		3,123,155
Net investment loss		(1,687,847	)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		5,206,707
Closed or expired option contracts written		3,529,428
Foreign currency transactions		2,417
Net realized gain		8,738,552
Net change in unrealized appreciation (depreciation) on:
Investments		(80,542,285	)
Milestone interests		(815,277	)
Option contracts written		(1,989,389	)
Net change in unrealized appreciation (depreciation)		(83,346,951	)
Net realized and unrealized gain (loss)		(74,608,399	)
Net decrease in net assets resulting from operations	$	(76,296,246	)

	Six months ended March 31, 2022 (Unaudited)			Year ended September 30, 2021
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment loss	($	1,687,847	)	($	4,139,016	)
Net realized gain		8,738,552			42,730,022
Change in net unrealized appreciation (depreciation)		(83,346,951	)		25,939,737
Net increase (decrease) in net assets resulting from operations		(76,296,246	)		64,530,743
DISTRIBUTIONS TO SHAREHOLDERS (See Note 1):		(20,068,660	)		(40,864,394	)
CAPITAL SHARE TRANSACTIONS:
Reinvestment of distributions (475,656 and 785,230 shares, respectively)		8,399,586			16,203,483
Total capital share transactions		8,399,586			16,203,483
Net increase (decrease) in net assets		(87,965,320	)		39,869,832
NET ASSETS:
Beginning of period		523,440,208			483,570,376
End of period	$	435,474,888		$	523,440,208

	Six months ended March 31, 2022			For the years ended September 30,
	(Unaudited)			2021			2020			2019			2018			2017
OPERATING PERFORMANCE FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value per share, beginning of period	$	21.22		$	20.25		$	16.55		$	21.22		$	21.62		$	20.00
Net investment loss ⁽¹⁾		(0.07	)		(0.17	)		(0.09	)		(0.13	)		(0.16	)		(0.18	)
Net realized and unrealized gain (loss)		(3.02	)		2.83			5.25			(3.06	)		1.39			3.39
Total increase (decrease) from investment operations		(3.09	)		2.66			5.16			(3.19	)		1.23			3.21
Distributions to shareholders from:
Net investment income		—			(0.42	)		—			(0.13	)		(0.38	)⁽²⁾		(0.05	)⁽²⁾
Net realized capital gains		(0.81	)		(1.27	)		(1.47	)		(1.36	)		(1.25	)⁽²⁾		(1.54	)⁽²⁾
Total distributions		(0.81	)		(1.69	)		(1.47	)		(1.49	)		(1.63	)		(1.59	)
Increase resulting from shares repurchased ⁽¹⁾		—			—			0.01			0.01			—			—	⁽³⁾
Net asset value per share, end of period	$	17.32		$	21.22		$	20.25		$	16.55		$	21.22		$	21.62
Per share market value, end of period	$	16.54		$	20.80		$	17.58		$	15.10		$	20.42		$	21.48
Total investment return at market value		(16.79	%)*		28.32	%		27.50	%		(18.86	%)		3.31	%		24.26	%
Total investment return at net asset value		(14.59	%)*		13.65	%		34.00	%		(14.38	%)		6.61	%		17.12	%
RATIOS
Net investment loss to average net assets		(0.73	%)**		(0.80	%)		(0.47	%)		(0.70	%)		(0.81	%)		(0.92	%)
Expenses to average net assets		1.34	%**		1.24	%		1.22	%		1.29	%		1.25	%		1.32	%
SUPPLEMENTAL DATA
Net assets at end of period (in millions)	$	435		$	523		$	484		$	384		$	475		$	466
Portfolio turnover rate		20.41	%*		62.37	%		51.27	%		43.78	%		37.49	%		43.08	%

* Not annualized.

** Annualized.

(1) Computed using average shares outstanding.

(2) Amount previously presented incorrectly as solely distributions from net realized capital gains has been revised to reflect the proper classification.

(3) Amount represents less than $0.005 per share.

(1) Organization and Significant Accounting Policies

Tekla Life Sciences Investors (the Fund) is a Massachusetts business trust formed on February 20, 1992, and registered under the Investment Company Act of 1940 as a non-diversified closed-end management investment company. The Fund commenced operations on May 8, 1992. The Fund's investment objective is long-term capital appreciation through investment in U.S. and foreign companies in the life sciences industry (including biotechnology, pharmaceutical, diagnostics, managed healthcare and medical equipment, hospitals, healthcare information technology and services, devices and supplies), agriculture and environmental management. The Fund invests primarily in securities of public and private companies that are believed by the Fund's Investment Adviser, Tekla Capital Management LLC (the Adviser), to have significant potential for above-average growth. The Fund may invest up to 20% of its net assets in securities of foreign issuers, expected to be located primarily in Western Europe, Canada and Japan, and securities of U.S. issuers that are traded primarily in foreign markets.

The preparation of these financial statements requires the use of certain estimates by management in determining the Fund's assets, liabilities, revenues and expenses. Actual results could differ from these estimates and such differences could be material. The following is a summary of significant accounting policies followed by the Fund, which are in conformity with accounting principles generally accepted in the United States of America (GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification 946. Events or transactions occurring after March 31, 2022, through the date that the financial statements were issued, have been evaluated in the preparation of these financial statements.

Beginning in January 2020, global financial markets have experienced, and may continue to experience, significant volatility resulting from the spread of a virus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID-19 have adversely affected, and may continue to adversely affect, the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Fund's performance.

The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon political, regulatory, market, economic,

and social conditions, as well as developments that impact specific economic sectors, industries, or segments of the market, including conditions that directly relate to the issuers of the Fund's investments, such as management performance, financial condition, and demand for the issuers' goods and services. The Fund is subject to the risk that geopolitical events will adversely affect global economies and markets. War, terrorism, and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on global economies and markets. Likewise, natural and environmental disasters and epidemics or pandemics may be highly disruptive to economies and markets. This means that the Fund may lose money on its investment due to unpredictable drops in a security's value or periods of below-average performance in a given security or in the securities market as a whole.

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 the Adviser also using fair valuation policies and procedures approved by the Trustees described below. Non-exchange traded warrants of publicly traded companies are generally valued using the Black-Scholes model, which incorporates both observable and unobservable inputs. Short-term investments with a maturity of 60 days or less are generally valued at amortized cost, which approximates fair value.

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

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

Milestone Interests

The Fund holds financial instruments which reflect the current value of future milestone payments the Fund may receive as a result of contractual obligations from other parties. The value of such payments are adjusted to reflect the estimated risk based on the relative uncertainty of both the timing and the achievement of individual milestones. A risk to the Fund is that the milestones will not be achieved and no payment will be received by the Fund. The milestone interests were received as part of the proceeds from the sale of seven private companies. Any payments received are treated as a reduction of the cost basis of the milestone interests with payments received in excess of the cost basis treated as a realized gain. The contractual obligations with respect to the milestone interests provide for payments at various stages of the development of Afferent, Ethismos Research, Neurovance, Impact Biomedicines, Therachon, Rainier Therapeutics, Inc., and Therox's principal product candidate as of the date of the sale.

The following is a summary of the impact of the milestone interests on the financial statements as of and for the six months ended March 31, 2022:

Statement of Assets and Liabilities, Milestone interests, at value	$	6,199,934
Statement of Assets and Liabilities, Total distributable earnings	$	1,428,312
Statement of Operations, Change in unrealized appreciation (depreciation) on Milestone interests	($	815,277	)

Options on Securities

An option contract is a contract in which the writer (seller) of the option grants the buyer of the option, upon payment of a premium, the right to purchase from (call option) or sell to (put option) the writer a designated instrument at a specified price within a specified period of time. Certain options, including options on indices, will require cash settlement by the Fund if the option is exercised.

The Fund's obligation under an exchange traded written option or investment in an exchange traded purchased option is valued at the last sale price or in the absence of a sale, the mean between the closing bid and asked prices. Gain or loss is recognized when the option contract expires, is exercised or is closed.

If the Fund writes a covered call option, the Fund foregoes, in exchange for the premium, the opportunity to profit during the option period from an increase in the market value of the underlying security above the exercise price. If the Fund writes a put option it accepts the risk of a decline in the market value of the underlying security below the exercise price. Over-the-counter options have the risk of the potential inability of counterparties to meet the terms of their contracts. The Fund's maximum exposure to purchased options is limited to the premium initially paid. In addition, certain risks may arise upon entering into option contracts including the risk that an illiquid secondary market will limit the Fund's ability to close out an option contract prior to the expiration date and that a change in the value of the option contract may not correlate exactly with changes in the value of the securities or currencies hedged.

All options on securities and securities indices written by the Fund are required to be covered. When the Fund writes a call option, this means that during the life of the option the Fund may own or have the contractual right to acquire the securities subject to the option or may maintain with the Fund's custodian in a segregated account appropriate liquid securities in an amount at least

equal to the market value of the securities underlying the option. When the Fund writes a put option, this means that the Fund will maintain with the Fund's custodian in a segregated account appropriate liquid securities in an amount at least equal to the exercise price of the option.

The average number of outstanding call options written and put options purchased for the six months ended March 31, 2022 were 357 and 328, respectively.

Derivatives not accounted
for as hedging instruments
under ASC 815

Statement of Assets and
Liabilities Location

Statement of Operations Location

Equity Contracts

Assets: Investments, at
value

$—

Net realized gain (loss) on
investments

($42,777)

Change in unrealized
appreciation (depreciation)
on investments

$633,236

Liabilities: Options
written, at value

$209,844

Net realized gain (loss) on
closed or expired option
contracts written

$3,529,428

Change in unrealized
appreciation (depreciation)
on option contracts
written

($1,989,389)

Other Assets

Other assets in the Statement of Assets and Liabilities consists of amounts due to the Fund at various times in the future in connection with the sale of investments in two private companies.

Investment Transactions and Income

Investment transactions are recorded on a trade date basis. Gains and losses from sales of investments are recorded using the "identified cost" method. Interest income is recorded on the accrual basis, adjusted for amortization of premiums and accretion of discounts. Dividend income is recorded on the ex-dividend date, less any foreign taxes withheld. Upon notification from issuers, some of the dividend income received may be redesignated as a reduction of cost of the related investment if it represents a return of capital.

The aggregate cost of purchases and proceeds from sales of investment securities (other than short-term investments) for the six months ended March 31, 2022 totaled $94,069,071 and $112,379,470, respectively.

Securities Lending

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

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

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 on the Statement of Operations.

Obligations to repay collateral received by the Fund are shown on the Statement of Assets and Liabilities as Payable upon return of securities loaned and are secured by the loaned securities. As of March 31, 2022 the Fund loaned securities valued at $8,130,231 and received $8,478,345 of cash collateral.

Repurchase Agreements

In managing short-term investments the Fund may from time to time enter into transactions in repurchase agreements. In a repurchase agreement, the Fund's

custodian takes possession of the underlying collateral securities from the counterparty, the market value of which is at least equal to the principal, including accrued interest, of the repurchase transaction at all times. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral by the Fund may be delayed. The Fund may enter into repurchase transactions with any broker, dealer, registered clearing agency or bank. Repurchase agreement transactions are not counted for purposes of the limitations imposed on the Fund's investment in debt securities.

Distribution Policy

Pursuant to a Securities and Exchange Commission exemptive order, the Fund may make periodic distributions that include capital gains as frequently as 12 times in any one taxable year in respect of its common shares, and the Fund has implemented a managed distribution policy (the Policy) providing for quarterly distributions at a rate set by the Trustees. Under the current Policy, the Fund intends to make quarterly distributions at a rate of 2% of the Fund's net assets to shareholders of record. The Fund intends to use net realized capital gains when making quarterly distributions, if available, but the Policy would result in a return of capital to shareholders if the amount of the distribution exceeds the Fund's net investment income and realized capital gains. If taxable income and net long-term realized gains exceed the amount required to be distributed under the Policy, the Fund will at a minimum make distributions necessary to comply with the requirements of the Internal Revenue Code. The Policy has been established by the Trustees and may be changed by them without shareholder approval. The Trustees regularly review the Policy and the frequency and rate of distribution considering the purpose and effect of the Policy, the financial market environment, and the Fund's income, capital gains and capital available to pay distributions.

The Fund's policy is to declare quarterly distributions in stock. The distributions are automatically paid in newly-issued full shares of the Fund unless otherwise instructed by the shareholder. Fractional shares will generally be settled in cash, except for registered shareholders with book entry accounts of the Fund's transfer agent who will have whole and fractional shares added to their accounts. The Fund's transfer agent delivers an election card and instructions to each registered shareholder in connection with each distribution. The number of shares issued will be determined by dividing the dollar amount of the distribution by the lower of net asset value or market price on the pricing date. If a shareholder elects to receive a distribution in cash, rather than in shares, the

shareholder's relative ownership in the Fund will be reduced. The shares reinvested will be valued at the lower of the net asset value or market price on the pricing date. Distributions in stock will not relieve shareholders of any federal, state or local income taxes that may be payable on such distributions. Additional distributions, if any, made to satisfy requirements of the Internal Revenue Code may be paid in stock, as described above, or in cash.

Share Repurchase Program

In March 2022, the Trustees approved the renewal of the repurchase program to allow the Fund to repurchase up to 12% of its outstanding shares in the open market for a one-year period ending July 14, 2023. Prior to this renewal, in March 2021, the Trustees approved the renewal of the share repurchase program to allow the Fund to repurchase up to 12% of its outstanding shares for a one-year period ending July 14, 2022. The share repurchase program is intended to enhance shareholder value and potentially reduce the discount between the market price of the Fund's shares and the Fund's net asset value.

During the six months ended March 31, 2022, the Fund did not repurchase any shares through the repurchase program.

During the year ended September 30, 2021, the Fund did not repurchase any shares through the repurchase program.

Federal Taxes

It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute to its shareholders substantially all of its taxable income and its net realized capital gains, if any. Therefore, no Federal income or excise tax provision is required.

As of March 31, 2022, the Fund had no uncertain tax positions that would require financial statement recognition or disclosure. The Fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Distributions

The Fund records all distributions to shareholders on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from GAAP. These differences include temporary and permanent differences from losses on wash sale transactions, passive foreign investment companies transactions, installment sale adjustments, foreign currency gains and losses, book to tax difference due to merger and ordinary loss netting

to reduce short term capital gains. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution under income tax regulations.

Commitments and Contingencies

Under the Fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

Investor Support Services

The Fund has retained Destra Capital Advisors LLC (Destra) to provide investor support services in connection with the ongoing operation of the Fund. The Fund pays Destra a fee in an annual amount equal to 0.05% of the average aggregate daily value of the Fund's Managed Assets pursuant to the investor support services agreement.

New Accounting Pronouncement

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August 19, 2022. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity or performance of derivatives. When fully implemented, the new rule may require changes in how a fund will use derivatives, may adversely affect a fund's performance and may increase costs related to a fund's use of derivatives.

(2) Investment Advisory and Other Affiliated Fees

The Fund has entered into an Investment Advisory Agreement (the Advisory Agreement) with the Adviser. Pursuant to the terms of the Advisory Agreement, the Fund pays the Adviser a monthly fee at the rate when annualized of

(i) 2.50% of the average net assets for the month of its venture capital and other restricted securities up to 25% of net assets and (ii) for all other net assets, 0.98% of the average net assets up to $250 million, 0.88% of the average net assets for the next $250 million, 0.80% of the average net assets for the next $500 million and 0.70% of the average net assets thereafter. The aggregate fee would not exceed a rate when annualized of 1.36%.

The Fund has entered into a Services Agreement (the Agreement) with the Adviser. Pursuant to the terms of the Agreement, the Fund reimburses the Adviser for certain services related to a portion of the payment of salary and provision of benefits to the Fund's Chief Compliance Officer. During the six months ended March 31, 2022, these payments amounted to $34,329 and are included in the Other category of expenses in the Statement of Operations, together with insurance and other expenses incurred to unaffiliated entities. Expenses incurred pursuant to the Agreement as well as certain expenses paid for by the Adviser are allocated to the Fund in an equitable fashion as approved by the Trustees or officers of the Fund who are also officers of the Adviser.

The Fund pays compensation to Independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. The Fund does not pay compensation directly to Trustees or officers of the Fund who are also officers of the Adviser.

(3) Fair Value Measurements

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

For the period ended March 31, 2022, the total amount of transfers between Level 3 and Level 1 was $138. The investment was transferred due to an initial public offering and the value is being supported by the market price. The total amount of transfers between Level 3 and Level 2 was $1,920,000. The investment was transferred due to an initial public offering lockup period and the value is being supported by significant observable inputs. There were no other transfers between levels.

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

Assets at Value	Level 1			Level 2		Level 3			Total
Convertible Preferred
Biotechnology	$	—		$	—	$	20,097,730		$	20,097,730
Health Care Equipment & Supplies		—			—		1,423,015			1,423,015
Pharmaceuticals		—			—		11,406,061			11,406,061
Convertible Notes
Biotechnology		—			—		0	*		0
Common Stocks and Warrants
Biotechnology		290,200,289			1,514,850		0	*		291,715,139
Health Care Equipment & Supplies		6,137,634			—		632,300			6,769,934
Health Care Providers & Services		1,752,940			56,667		38,296			1,847,903
Healthcare Services		6,569,416			—		—			6,569,416
Life Sciences Tools & Services		24,220,804			—		—			24,220,804
Pharmaceuticals		48,777,669			853		0	*		48,778,522
Special Purpose Acquisition Company		870,273			—		—			870,273
Exchange Traded Fund		2,665,391			—		—			2,665,391
Short-term Investments		8,478,345			13,943,000		—			22,421,345
Milestone Interests
Biotechnology		—			—		746,805			746,805
Health Care Equipment & Supplies		—			—		1,321			1,321
Pharmaceuticals		—			—		5,451,808			5,451,808
Other Assets		—			—		2,204			2,204
Total	$	389,672,761		$	15,515,370	$	39,799,540		$	444,987,671
Other Financial Instruments
Liabilities
Call Options Contracts Written	$	(209,844	)	$	—	$	—		$	(209,844	)
Total	$	(209,844	)	$	—	$	—		$	(209,844	)

* Represents security valued at zero.

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

Investment in securities	Balance as of September 30, 2021		Net realized gain (loss) and change in unrealized appreciation (depreciation)			Cost of purchases and conversions		Proceeds from sales and conversions			Net transfers into (out of) Level 3			Balance as of March 31, 2022
Convertible Preferred
Biotechnology	$	14,331,285	$	844,536		$	6,841,909	$	—		($	1,920,000	)	$	20,097,730
Health Care Equipment & Supplies		1,423,015		—			—		—			—			1,423,015
Pharmaceuticals		9,400,003		(1,427	)		2,007,485		—			—			11,406,061
Convertible Notes
Biotechnology		0		—			—		—			—			0
Common Stocks and Warrants
Biotechnology		138		—			—		—			(138	)		0
Health Care Equipment & Supplies		1,436,662		(804,362	)		—		—			—			632,300
Health Care Providers & Services		93,274		(40,064	)		—		(14,914	)		—			38,296
Pharmaceuticals		0		—			—		—			—			0
Milestone Interests
Biotechnology		755,683		(8,878	)		—		—			—			746,805
Health Care Equipment & Supplies		1,321		—			—		—			—			1,321
Pharmaceuticals		6,258,207		(806,399	)		—		—			—			5,451,808
Other Assets		6,668		—			—		(4,464	)		—			2,204
	$	33,706,256	($	816,594	)	$	8,849,394	($	19,378	)	($	1,920,138	)	$	39,799,540
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022														($	816,594	)

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
March 31,
2022

Valuation Technique

Unobservable Input

Range
(Weighted Average)

Common Stock
and Warrants

$632,300

Income approach,
Black-Scholes

Discount for lack of
marketability

N/A

38,296

Probability adjusted
value

Probability of events
Timing of events

50.00% (50.00%)
1.00-2.00 (1.50) years

Convertible Preferred

19,880,372
13,046,434

Market approach
Recent transaction

(a)
(b)

N/A
N/A

Milestone Interests

6,199,934

Probability adjusted
value

Probability of events
Timing of events

0.00%-100.00% (73.48%)
0.50-14.25 (3.91) years

Other Assets

2,204

Probability adjusted
value

Probability of events
Timing of events

20.00%-95.00% (26.43%)
0.25-6.00 (0.74) years

$39,799,540

(a) There is no quantitative information to provide as this method of measure is investment specific.

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

(4) 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 9% of the Fund's net assets at March 31, 2022.

At March 31, 2022, the Fund had a commitment of $1,513,646 relating to additional investments in four private companies.

The following table details the acquisition date, cost, carrying value per unit, and value of the Fund's private companies and other restricted securities at March 31, 2022. The Fund on its own does not have the right to demand that such securities be registered.

Security (#)	Acquisition Date	Cost		Carrying Value per Unit			Value
Afferent Milestone Interest	07/27/16	$	161,872	$	126,585.00		$	126,585
Amphivena Therapeutics, Inc.
Series B, Cvt. Pfd	07/17/17		2,101,250		0.00	††		14
Series C, Cvt. Pfd	12/10/18		808,893		0.00	††		22
Cvt. Note	08/25/21		129,996		0.00			0
Arbor Biotechnologies, Series B Cvt. Pfd	10/29/21		643,318		16.57			640,000
Aristea Therapeutics, Inc. Series B Cvt. Pfd	07/27/21		1,600,004		5.51			1,600,004

Security (#)	Acquisition Date	Cost		Carrying Value per Unit		Value
Arkuda Therapeutics, Inc.
Series A Cvt. Pfd	05/16/19,04/02/20,07/15/21	$	2,403,648		1.77	$	1,783,811
Series B Cvt. Pfd	01/24/22		370,045		1.77		369,446
Biotheryx, Inc. Series E Cvt. Pfd	05/19/21		3,204,514		5.25		3,200,001
Cercacor Laboratories, Inc. Common	03/31/98†		0		4.86		632,300
Curasen Therapeutics, Inc. Series A Cvt. Pfd	09/18/18, 01/07/20,10/21/21		3,606,059		0.48		3,606,059
Dynacure Series C Cvt. Pfd	04/21/20,10/28/20		2,469,239		4.59		1,217,191
Endeavor Biomedicines, Inc. Series B Cvt. Pfd	01/21/22		1,401,363		4.72		1,399,998
Ethismos Research Milestone Interest	10/31/17		0		0.00		0
HiberCell, Inc. Series B Cvt. Pfd	05/05/21		1,603,268		1.23		1,599,999
Hotspot Therapeutics, Inc.
Series B, Cvt. Pfd	04/22/20, 06/17/21		3,102,275		3.24		4,186,167
Series C, Cvt. Pfd	11/15/21		921,301		3.24		920,801
ImmuneID, Inc. Series A, Cvt. Pfd	04/28/21		962,127		2.00		960,000
Impact Biomedicines Milestone Interest	07/20/10		0		1,226,705.00		1,226,705
InnovaCare, Inc. Escrow Shares Common	12/21/12†		49,158		0.26		38,296
Invetx, Inc.
Series A Cvt. Pfd	08/06/20		1,550,000		0.67		2,163,865
Series B Cvt. Pfd	03/28/22		930,000		0.67		930,000
IO Light Holdings, Inc. Series A2 Cvt. Pfd	04/30/20†		1,394,759		3.38		1,423,015
Moonlake Immunotherapeutics AG Class A Common	03/30/22		942,000		9.00		847,800
Neurovance Milestone Interest	03/20/17		3,417,500		4,098,518.00		4,098,518
Oculis SA
Series B2 Cvt. Pfd	01/16/19		990,902		10.64		1,252,371
Series C Cvt. Pfd	04/07/21		340,203		10.64		340,203
Parthenon Therapeutics, Inc. Series A Cvt. Pfd	08/12/21		984,615		3.96		984,615
Priothera Ltd. Series A Cvt. Pfd	10/07/20,10/19/21		1,779,800		11.06		1,687,407
Pyxis Oncology, Inc. Common	03/05/21		1,922,695		3.64		667,050
Quell Therapeutics, Series B Cvt. Pfd	11/29/21,03/23/22		1,390,706		1.89		1,381,819
Rainier Therapeutics Milestone Interest	09/28/21		169,497		180,497.00		180,497
ReCode Therapeutics Series B, Cvt. Pfd	10/12/21		1,284,037		9.23		1,279,998
Therachon Milestone Interest	07/01/19		1,017,671		566,308.00		566,308
Therox Milestone Interest	06/18/19		5,082		1,321.00		1,321
		$	43,657,797			$	41,312,186

(#) See Schedule of Investments and corresponding footnotes for more information on each issuer.

† Carrying Interest received as part of a corporate action for a previously owned security.

†† Carrying value per unit is greater than $0.00 but less than $0.01.

The Investment Advisory Agreement (the Advisory Agreement) between the Fund and the Adviser continues in effect so long as its continuance is approved at least annually by (i) the Trustees of the Fund and (ii) a majority of the Trustees of the Fund who are not interested persons (the Independent Trustees), by vote cast in person at a meeting called for the purpose of voting on such approval.

After considering the matter in a meeting held on March 17, 2022, the Board, and the Independent Trustees voting separately, determined that the terms of the Advisory Agreement are fair and reasonable and approved the continuance of the Advisory Agreement as being in the best interests of the Fund and its shareholders. In making its determination, the Board considered materials that were specifically prepared by the Adviser and by an independent data provider at the request of the Board and Fund counsel for purposes of the contract review process, including comparisons of (i) the Fund's performance both directly and on a risk adjusted basis to a benchmark, the NASDAQ Biotechnology Index^® (NBI), and to a peer universe of other investment companies, (ii) the Fund's expenses and expense ratios to those of a peer group of other investment companies, and (iii) the Adviser's profitability with respect to its services for the Fund to the profitability of other investment advisers. The Trustees took into account that substantially all of the Adviser's business consists of providing investment management services to Tekla Life Sciences Investors, Tekla Healthcare Investors, Tekla Healthcare Opportunities Fund and Tekla World Healthcare Fund and the Adviser does not derive any significant benefit from its relationship with the Fund other than receipt of advisory fees pursuant to the Advisory Agreement, market research and potential marketing exposure for the Adviser. The Board also received and reviewed information throughout the year about the portfolio performance, the investment strategy, the portfolio management team and various fees and expenses of the Fund. In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of the Adviser present and were represented throughout the process by counsel to the Independent Trustees and the Fund.

In approving the Advisory Agreement, the Board considered, among other things, the nature, extent, and quality of the services to be provided by the Adviser, the investment performance of the Fund and the Adviser, the costs of services provided and profits realized by the Adviser and its affiliates, and whether fee levels reflect any economies of scale for the benefit of Fund shareholders and the extent to which economies of scale would be realized as the Fund grows. The Board reviewed information about the foregoing factors and

considered changes, if any, in such information since its previous approval. The Board also evaluated the financial strength of the Adviser and the capability of the personnel of the Adviser, specifically the strength and background of its investment analysts. Fund counsel provided the Board with the statutory and regulatory requirements for approval and disclosure of investment advisory agreements. The Board, including the Independent Trustees, evaluated all of the foregoing and, considering all factors together, determined in the exercise of its business judgment that the continuance of the Advisory Agreement is in the best interests of the Fund and its shareholders. The following provides more detail on certain factors considered by the Trustees and the Board's conclusions with respect to each such factor.

The nature, extent and quality of the services to be provided by the Adviser. On a regular basis the Board considers the roles and responsibilities of the Adviser as a whole, along with specific portfolio management, support and trading functions the Adviser provides to the Fund. The Trustees considered the nature, extent and quality of the services provided by the Adviser to the Fund. The Trustees continue to be satisfied with the quality and value of the investment advisory services provided to the Fund by the Adviser, and, in particular, the management style and discipline followed by the Adviser and the quality of the Adviser's research, trading, portfolio management, compliance and administrative personnel. The Trustees also took into account the Adviser's significant investment in its business through the addition of portfolio management and administrative staff over the last several years and the Adviser's commitment to continue to build out its infrastructure as future circumstances require.

The investment performance of the Fund and the Adviser. On a regular basis the Board reviews performance information of the Fund and discusses the Fund's investment strategy with the Adviser. The Trustees reviewed performance information for the Fund for the past one-, three-, five- and ten-year periods ended December 31, 2021, as compared to its benchmark, the NBI, and a peer universe of other investment companies identified by an independent service provider engaged by the Independent Trustees. The Trustees noted that the performance information reviewed reflects a view of the Fund's performance only as of a certain date, and that the results might be significantly different if a different date was selected to generate the performance information. Additionally, the Trustees recognized that longer periods of performance for the Fund may be adversely and disproportionately affected by significant underperformance in one more recent period, and that such underperformance may be caused by a small number of investment decisions or positions.

Unlike many other broader-based healthcare indices, the NBI contains high levels of biotechnology-based companies. Over time, this index has demonstrated higher returns, but has also demonstrated higher price volatility than the broad S&P 500^® Index. The Adviser seeks to operate the Fund at a biotechnology exposure level that is higher than many other indices and Funds but at a level that is below that of the NBI. The Adviser also seeks to operate the Fund at lower volatility than that of the NBI. In the current reporting period, the Adviser sought to do so by limiting exposure to biotechnology relative to the NBI and also by maintaining a higher exposure to large biotechnology companies (which exhibit relatively lower volatility) close to the level present in the NBI and lower exposure to small and mid-capitalization biotechnology companies than is present in the NBI.

The Trustees noted the Fund's strong absolute performance for the three-, five- and ten-year periods ended December 31, 2021. In particular, the Trustees noted that on a net asset value basis, the Fund had annualized returns of 15.09% for the three-year period, 10.66% for the five-year period and 13.96% for the ten-year period. The Trustees also noted that on a net asset value basis, as of December 31, 2021, the Fund slightly underperformed the NBI for the one-, three- and five-year periods and underperformed the NBI for the ten-year period. The Trustees also noted that the Fund exhibited lower volatility than the NBI for all evaluation periods and outperformed the NBI on a risk adjusted basis for the three-year period ended December 31, 2021. The Trustees noted that as of December 31, 2021, the Fund underperformed the peer universe average for the one-, three-, five- and ten-year periods.

In considering the Fund's relative performance, the Trustees recognized that the Fund's unique strategy presents challenges when comparing the Fund's performance to a benchmark or group of comparable funds. In particular, the Trustees observed that the Fund's strategy has historically included a lower biotechnology allocation compared to the NBI and a higher biotechnology allocation compared to many other healthcare indices and to many of the other funds in the peer universe. The Trustees noted that, as a result, all other things being equal, in periods when biotechnology performs relatively well, the Fund might be expected to underperform the NBI (and/or the peer universe) and vice versa. Additionally, the Trustees noted that unlike the NBI and most of the peer universe, the Fund often maintains a meaningful allocation to venture and restricted securities. In light of these differences, the Trustees recognized the more limited usefulness of these performance comparisons for the Fund.

The Trustees concluded they continue to be satisfied with the investment performance of the Fund and the Adviser.

The costs of services to be provided and profits to be realized by the Adviser from its relationship with the Fund. The Trustees considered the various services provided by the Adviser to the Fund and reviewed comparative information regarding the expenses and expense ratios of the Fund and a peer group of other investment companies identified by an independent service provider engaged by the Independent Trustees. The Trustees noted that the Adviser's fees are within the range of fees presented in the comparative information and noted that the Fund often maintains a meaningful allocation to venture and restricted securities, a portfolio management service that can warrant higher management fees than those charged by the Adviser to the Fund. The Trustees also considered financial information provided by the Adviser, including financial statements of the Adviser and a comparison of the Adviser's profitability with respect to its services for the Fund to the profitability of other investment advisers.

The Trustees noted that the fees charged by the Adviser are within a reasonable range of fees as compared to fees charged by other investment advisers for similar services, and the services provided by the Adviser and the amounts paid under the Advisory Agreement are at least comparable to the services rendered and fees charged by others for similar services to warrant a finding that fees to be paid by the Fund are fair. Based on the information provided to and evaluated by the Trustees, the Trustees concluded that the fees charged by the Adviser are fair and reasonable in light of the quality and nature of the services provided by the Adviser and that the profitability of the Adviser's relationship with the Fund has not been excessive.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Trustees considered the advisory fee schedule in the Advisory Agreement and noted that it provides for breakpoints that would reduce the effective fee to the extent the Fund's net assets should increase, allowing the Fund to share in the benefits of any economies of scale that would inure to the Adviser as the Fund's assets increase. Given the closed-end structure of the Fund, its current asset size, and the fact that any economies of scale are modest at current Fund asset levels, the Trustees determined that the Fund's advisory fee schedule is satisfactory and fair.

PRIVACY NOTICE: If you are a registered shareholder of the Fund, the Fund and Tekla Capital Management LLC, the Fund's investment adviser, may receive nonpublic personal information about you from the information collected by the transfer agent from your transactions in Fund shares. Any nonpublic personal information is not disclosed to third parties, except as permitted or required by law. In connection with servicing your account and effecting transactions, the information received may be shared with the investment adviser and non-affiliates, including transfer agents, custodians or other service companies. Access to your nonpublic personal information is restricted to employees who need to know that information to provide products or services to you. To maintain the security of your nonpublic personal information, physical, electronic, and procedural safeguards are in place that comply with federal standards. The policies and practices described above apply to both current and former shareholders.

If your Fund shares are held in "street name" at a bank or brokerage, we do not have access to your personal information and you should refer to your bank's or broker's privacy policies for a statement of the treatment of your personal information.

FOR MORE INFORMATION: A description of the Fund's proxy voting policies and procedures and information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-451-2597; (ii) by writing to Tekla Capital Management LLC at 100 Federal Street, 19th Floor, Boston, MA 02110; (iii) on the Fund's website at www.teklacap.com; and (iv) on the SEC's website at www.sec.gov.

The Fund's complete Schedule of Investments for the first and third quarters of its fiscal year will be filed with the SEC on Form N-PORT. This Schedule of Investments will also be available on the Fund's website at www.teklacap.com or the SEC's website at www.sec.gov.

You can find information regarding the Fund at the Fund's website, www.teklacap.com. The Fund regularly posts information to its website, including information regarding daily share pricing, distributions, press releases and links to the Fund's SEC filings. The Fund currently publishes and distributes quarterly fact cards, which include performance, portfolio holdings and sector information for each fiscal quarter. These fact cards will be available on the Fund's website and by request from the Fund's marketing and investor support services agent, Destra Capital Advisors LLC, at 1-877-855-3434.

The Registrant’s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A, or this Item.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	OMB APPROVAL
	OMB Number:	3235-0570
	Expires:	July 31, 2022
UNITED STATES	Estimated average burden hours per response. . . . . . . . . . . . . . .20.6
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Investment Company Act file number			811-06565

Tekla Life Sciences Investors
(Exact name of registrant as specified in charter)

100 Federal Street, 19^th Floor, Boston, MA					02110
(Address of principal executive offices)					(Zip code)


(Name and address of agent for service)

Registrant’s telephone number, including area code:				617-772-8500

Date of fiscal year end:	September 30

Date of reporting period:		October 1, 2021 to March 31, 2022

Market Price¹				$16.54
NAV²				$17.32
Premium/(Discount)				-4.50%
Average 30 Day Volume				73,615
Net Assets				$435,474,888
Ticker				HQL
NAV Ticker				XHQLX
Commencement of Operations Date				5/8/92
Fiscal Year to Date Distributions Per Share				$0.81

(Registrant)		TEKLA LIFE SCIENCES INVESTORS

By (Signature and Title)*			/s/ Daniel R. Omstead
			Daniel R. Omstead, President

Date:	6/3/22

By (Signature and Title)*		/s/ Laura Woodward
		Laura Woodward, Treasurer

Date:	6/3/22

Period	(a) Total No. of Shares Purchased (1)		(b) Average Price Paid per Share		(c) Total No. of Shares Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum No. of Shares that May Yet Be Purchased Under the Plans or Programs
Month #1 (Oct. 1, 2021 - Oct. 31, 2021)		—	$	—		—		2,935,944
Month #2 (Nov. 1, 2021 — Nov. 30, 2021)		—		—		—		2,935,944
Month #3 (Dec. 1, 2021 — Dec 31. 2021)		—		—		—		2,935,944
Month #4 (Jan. 1, 2022 — Jan. 31, 2022)		—		—		—		2,935,944
Month #5 (Feb. 1, 2022 — Feb. 28, 2022)		—		—		—		2,935,944
Month #6 (Mar. 1, 2022 — Mar. 31, 2022)		—		—		—		2,935,944
Total		—	$	—		—