Company: HQL
Filing Date: 2025-06-09
Form Type: N-CSRS
Source: 0001104659-25-057746
Chunk: 21

Company: abrdn Life Sciences Investors
Filing Date: 2025-06-09
Form: N-CSRS
Chunk 21
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. Open Market Repurchase Program In March 2024, the Board 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, 2025. For the six-month period ended March 31, 2025, the Fund did not repurchase any shares through this program. 7. Private Companies and Other Restricted Securities The Fund may invest in private companies and other restricted securities if these securities currently comprise 40% or less of net assets. The value of these securities represented 11.83% of the Fund’s net assets at March 31, 2025. At March 31, 2025, the Fund had a commitment of $2,979,043 relating to additional investments in three 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, 2025. The Fund on its own does not have the right to demand that such securities be registered.

| abrdn Life Sciences Investors | 23 |

Notes to Financial Statements (unaudited) (continued) March 31, 2025

| Security                                                             | Acquisition        
 Date               |        Cost | Carrying Value 
       per Unit |       Value |
| Abcuro, Inc., Series B — Convertible Preferred Stock                 | 12/19/23, 8/10/23  |  $1,276,911 |          $5.49 |  $1,274,994 |
| Abcuro, Inc., Series C1 — Convertible Preferred Stock                | 2/7/25             |     310,407 |           6.04 |     310,407 |
| Afferent Milestone Interest                                          | 7/27/16            |      24,556 |           0.00 |           0 |
| Amolyt Milestone Interest                                            | 7/12/24            |     684,946 |         102.55 |     702,412 |
| Amphivena Milestone Interest                                         | 10/18/22           |           0 |           0.00 |           0 |
| Arbor Biotechnologies, Inc., Series B — Convertible Preferred Stock  | 10/29/21           |     643,721 |          16.57 |