Company: HQL
Filing Date: 2025-06-09
Form Type: N-CSRS
Source: 0001104659-25-057746
Chunk: 22

Company: abrdn Life Sciences Investors
Filing Date: 2025-06-09
Form: N-CSRS
Chunk 22
---
 Preferred Stock    | 1/26/24, 10/21/21, 
 2/16/22, 9/15/23   |   1,446,891 |           9.23 |   1,440,001 |
| Seismic Therapeutics, Inc., Series B — Convertible Preferred Stock   | 8/30/24            |   1,277,774 |           4.52 |   1,274,991 |
| Spectrum Pharmaceuticals, Inc. CVR — Common Stock                    | 8/2/23             |       2,790 |           0.00 |           0 |
| Tetraphase Pharmaceuticals, Inc. CVR — Common Stock                  | 6/8/23             |       2,844 |           0.02 |         284 |
| Third Arc Bio, Inc., Series A — Convertible Preferred Stock          | 7/15/24            |     853,027 |           2.10 |     850,000 |
| Willow Laboratories, Inc. — Common Stock                             | 3/31/98            |           0 |          0.00* |          13 |
| Total                                                                |                    | $47,284,759 |                | $46,826,077 |

| * | Carrying value is less than $0.01. |

| 24 | abrdn Life Sciences Investors |

Notes to Financial Statements (unaudited) (continued) March 31, 2025 8. Portfolio Investment Risks a. Concentration Risk: The Fund’s portfolio may be more sensitive to, and possibly more adversely affected by, regulatory, economic or political factors or trends relating to the healthcare industries than a portfolio of companies representing a larger number of industries. This risk is in addition to the risks normally associated with any strategy seeking capital appreciation by investing in a portfolio of equity securities. As a result of its concentration policy, the Fund’s investments may be subject to greater risk than a fund that has securities representing a broader range of investments and may cause the value of the Fund’s shares to fluctuate significantly over relatively short periods of time. b. Derivatives Risk (including Options): Derivatives are speculative and may hurt the Fund’s performance. The potential benefits to be derived from the Fund’s options strategy are dependent upon the portfolio managers’ ability to discern pricing inefficiencies and predict trends in these markets, which decisions could prove