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

Company: abrdn Life Sciences Investors
Filing Date: 2025-12-08
Form: N-CSR
Chunk 25
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21/21, 
 2/16/22, 9/15/23   |  1,446,891 |           9.23 |  1,440,001 |
| Recode Therapeutics, Inc. — Convertible Note                         | 9/23/25            |     75,939 |         100.00 |     75,939 |
| Recode Therapeutics, Inc. — Warrant                                  | 9/23/25            |          0 |           0.00 |          0 |
| 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 |

| 26 | abrdn Life Sciences Investors |

Notes to Financial Statements (continued) September 30, 2025

| Security                                                    | Acquisition      
 Date             |        Cost | Carrying Value 
       per Unit |       Value |
| Third Arc Bio, Inc., Series A — Convertible Preferred Stock | 7/15/24, 4/24/25 |  $1,703,027 |          $2.10 |  $1,700,000 |
| Willow Laboratories, Inc. — Common Stock                    | 3/31/98          |           0 |           0.00 |          13 |
| Total                                                       |                  | $49,914,569 |                | $48,878,202 |

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