Company: HQL
Filing Date: 2025-06-09
Form Type: N-CSRS
Source: 0001104659-25-057746
Chunk: 18

Company: abrdn Life Sciences Investors
Filing Date: 2025-06-09
Form: N-CSRS
Chunk 18
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 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 six 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

| abrdn Life Sciences Investors | 21 |

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

payments at various stages of the development of Afferent, Amolyt, Amphivena, Ethismos Research, Invetx and Neurovance 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-month period ended March 31, 2025:

| Statement of Assets and Liabilities, Milestone interests, at value      | $14,060,906 |
| Statement of Assets and Liabilities, Total distributable earnings       | $10,540,479 |
| Statement of Operations, Change in unrealized appreciation/depreciation |    $393,185 |

j. 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 one private company. 3. Agreements and Transactions with Affiliates a. Investment Advisory and Other Affiliated Fees Effective as of the close of business October 27, 2023, abrdn Inc. serves as the Fund’s Investment Adviser pursuant to an investment advisory agreement (the “Advisory Agreement”) with the Fund. The Adviser is a wholly-owned indirect subsidiary of Aberdeen Group plc. In rendering management services, the Adviser may use the resources of investment advisor subsidiaries of Aberdeen Group plc. These affiliates have entered into procedures pursuant to which investment professionals from affiliates may render portfolio management and research services as associated persons of the Adviser. As compensation for its services to the Fund, the Adviser receives an annual investment advisory fee at an annual rate of (i) 2.50% of the average net assets for the month of its venture capital and other restricted securities