Company: HQL
Filing Date: 2025-12-08
Form Type: N-CSR
Source: 0001104659-25-119341
Chunk: 33

Company: abrdn Life Sciences Investors
Filing Date: 2025-12-08
Form: N-CSR
Chunk 33
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 the Fund's investments (including derivatives, if applicable) and the net unrealized appreciation as of September 30, 2025, were as follows:

| Tax Cost of  
 Securities   |   Unrealized 
 Appreciation | Unrealized    
 Depreciation  |            Net 
     Unrealized 
  Appreciation/ 
 (Depreciation) |
| $447,094,789 | $162,149,564 | $(95,558,466) |    $66,591,098 |

| 30 | abrdn Life Sciences Investors |

Notes to Financial Statements (continued) September 30, 2025

The tax character of distributions paid during the fiscal years ended September 30, 2025 and September 30, 2024 was as follows:

|                                      | September 30, 2025 | September 30, 2024 |
|:-------------------------------------|-------------------:|-------------------:|
| Distributions paid from:             |                    |                    |
| Ordinary Income                      |        $49,327,891 |        $18,919,190 |
| Net Long-Term Capital Gains          |          2,790,714 |         20,767,544 |
| Return of Capital                    |                  - |          5,606,991 |
| Total tax character of distributions |        $52,118,605 |        $45,293,725 |

Amounts listed as “–” are $0 or round to $0. As of September 30, 2025, the components of accumulated earnings on a tax basis were as follows:

| Undistributed Ordinary Income             |  $10,816,469 |
| Undistributed Long-Term Capital Gains     |            - |
| Total undistributed earnings              |  $10,816,469 |
| Accumulated Capital and Other Losses      |     $(7,930) |
| Capital loss carryforward                 |          $-* |
| Other currency gains                      |            - |
| Other Temporary Differences               |            - |
| Unrealized Appreciation/(Depreciation)    | 66,795,693** |
| Total accumulated earnings/(losses) – net |  $77,604,232 |

Amounts listed as “–” are $0 or round to $0.

| *  | During the fiscal year ended September 30, 2025, the Fund did not utilize a capital loss carryforward.                                                           |
|:---|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------